Definition. The SLRV (Short- to Long-Term Realized Value) Ratio shows the percentage of Bitcoin's realized value that was last moved within 24 hours, divided by the percentage that was last moved between 6–12 months ago. This chart applies two moving-average ribbons to the ratio — a 30-day average (teal) and a 150-day average (red) — over the raw SLRV Ratio (faint grey) and price (dark grey), with a barcode strip marking the prevailing ribbon regime.

Technical. The ribbons and regime strip are constructed as follows:

• SLRV 30DMA = sma(SLRV Ratio, 30) (teal)
• SLRV 150DMA = sma(SLRV Ratio, 150) (red)
• Uptrend phase (teal columns): 30DMA > 150DMA; downtrend phase (red columns): 30DMA <= 150DMA.

Interpretation. Per the metric author: when the ratio is high, it suggests there is a lot of short-term transactional activity versus long-term holding, which can be indicative of relative hype/adoption in the near term. When the ratio is low, it suggests there is little short-term activity and interest in Bitcoin and/or a growing base of larger than normal longer-term holders. Applying the ribbons to SLRV allows positive and negative trends to be identified via crossovers, which have also historically identified market transitions between risk-on and risk-off allocations to Bitcoin. As with all moving-average cross systems, signals lag turning points and can whipsaw in sideways markets.

Notes. Description by metric author, Capriole Investments; coined in their Newsletter #23, September 2022. Built from the Short to Long-Term Realized Value Ratio. For another spending-behavior oscillator contrasting recent activity against the yearly baseline, see the Value Days Destroyed Multiple.