Definition. Active-Value-to-Investor-Value (AVIV) Ratio is a Cointime-adjusted aggregate-profitability oscillator, the ratio of Active Market Cap to Investor Cap, equivalently spot price divided by the True Market Mean Price. The True Market Mean Price, or Active-Investor Price, is a representative cost-basis model for all coins acquired on secondary markets and is calculated as the ratio of Investor Cap to Active Supply.

Technical. Active Supply represents the economically active supply region. AVIV is proposed as a Cointime variant of MVRV comparing Active Market Cap to Investor Cap.

Interpretation. The long-term mean and median sit very close to 1.0, consistent with the True Market Mean Price acting as a market-wide cost-basis anchor. Readings above 1 place the active-investor cohort in aggregate unrealized profit, readings below 1 place it in aggregate unrealized loss.

Notes. Developed within the Cointime Economics framework for Bitcoin, a joint venture between Glassnode and ARK Invest. Full details are available as an overview primer (Version I, ARK) and a specialist guide (Version II, Glassnode).