Definition. Coinday destruction can be considered a form of both time- and volume-weighted 'spent volume'. From this lens, this chart constructs NVT and RVT oscillators which compare the value held within the coin supply against the corresponding value of Coin Days Destroyed (CDD): the CDD-NVT (orange) and CDD-RVT (dark brown), plotted over price (grey).

Technical. Both oscillators normalize a 90-day sum of USD-denominated coinday destruction:

• Coinday NVT = Market Cap / sum(CDD x Price, 90) (orange)
• Coinday RVT = Realized Cap / sum(CDD x Price, 90) (dark brown)

Interpretation. Generally speaking, NVT and RVT Ratios can be interpreted within the following framework:

• High values and uptrends indicate that CDD volumes are declining relative to the value of the supply region, indicating a potential slow-down in network utilization.

• Low values and downtrends indicate that CDD volumes are increasing relative to the value of the supply region, indicating potential growth in network utilization.

• Stable sideways values indicate that CDD volumes are in equilibrium with the value of the supply region, indicating the current trend is likely sustainable and in equilibrium.

Because CDD weights spending by holding time, these oscillators emphasize the behavior of older, higher-conviction coins rather than raw transfer counts — the RVT variant, using the slower-moving Realized Cap, is the more stable macro gauge of the two.

Notes. Built from Coin Days Destroyed, Circulating Supply and Realized Cap. Variants: Entity-Adjusted, Long-Term Holder and Short-Term Holder versions. See also the transfer-volume based RVT Ratio.