Definition. AVIV Ratio as a valuation level, with the accumulation and distribution windows of a threshold model shaded onto BTC price.

Technical. AVIV is computed as Circulating Supply × Entity-Adjusted Liveliness × Price ÷ Investor Capitalization. The model buys one $100 installment while AVIV is below 0.6 and sells one while it is above 2; guide lines mark both thresholds.

Interpretation. AVIV has held a long-run mean and median close to 1.0, which supports reading it as a market-wide cost basis for actively held supply. Values below 0.6 place the market well under that basis; values above 2 place it at more than twice the cost of active supply.

Notes. The trend form of this metric — AVIV against its own yearly average — is charted in Bitcoin: AVIV Momentum Trend Indicator.