Definition. The mean total ETH balance per active Beacon Chain validator, calculated as total balance divided by the count of active validators.

Technical. Active validators are those that have completed the activation queue, are not in an exit queue, and have an effective balance greater than 32 ETH. The metric is bounded above by reward overhang on top of the 32 ETH effective cap and below by the 16 ETH ejection floor at which a validator is forcibly removed.