Definition. Trend state of the AVIV Ratio, measured as the deviation of its short-term average from its yearly average.

Technical. AVIV (entity-adjusted) is computed as Circulating Supply × Entity-Adjusted Liveliness × Price ÷ Investor Capitalization, taken from 1 January 2011 onward. The oscillator is the 7D-EMA of AVIV divided by its 365D-SMA, minus 1. An uptrend phase is shaded while the oscillator is above 0 and a downtrend phase while it is below.

Interpretation. AVIV compares the market's valuation to the cost basis of actively held coins. Reading it against its own yearly average converts a level into a direction, so the shading marks when active-investor profitability is improving rather than when it is simply high.

Notes. This is the AVIV input to the composite momentum signal. AVIV as a valuation level with fixed accumulation thresholds is charted in AVIV Ratio - Inflection Points.