True Market Mean is Investor Cap divided by Active Supply. It turns investor capital into a per-BTC price using the portion of Bitcoin’s supply that is economically active, rather than supply that remains dormant for long periods.
The metric provides the price reference behind AVIV and AVIV-NUPL. On the AVIV chart, 0 marks the True Market Mean: positive values mean Bitcoin is trading above it, while negative values mean it is trading below it. AVIV-NUPL uses the same zero point.