NVT Signal 90 compares Market Cap with the 90-day average of adjusted transfer volume. The longer denominator smooths adjusted flow over roughly a quarter, so the series is designed to emphasize sustained valuation expansion or compression rather than short-run changes in daily throughput.
A high reading means market value is rich relative to a long smoothed base of adjusted transfer activity. A lower reading means the network is carrying stronger transfer flow for the valuation attached to it. It is best read as a macro regime series beside the 30-day and 60-day versions.
The limitation is deliberate delay. The 90-day average filters out much of the short-run noise, but it also turns late near local swings. Signals here usually reflect persistence in valuation relative to transfer flow, not early changes in market structure.
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