NVT Ratio Adjusted keeps Market Cap in the numerator but replaces raw transfer volume with an adjusted transfer series. The purpose is to reduce noise from self-churn, change-like flows, and other transaction patterns that can overstate economic throughput in the raw denominator.
A rising reading means valuation is stretching relative to adjusted settlement activity. A falling reading means adjusted flow is improving relative to market cap. It is usually read against raw NVT or the NVT Signal series when the question is valuation pressure rather than unfiltered activity.
The important distinction is methodological. This version is narrower than raw NVT because it depends on a filtered transfer estimate, so gaps between the two can matter on their own. Strong raw flow with weak adjusted flow can point to internally generated or lower-quality throughput.
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