Network Momentum is a view created by Philip Swift which looks into the value transmitted through the Bitcoin blockchain denominated in BTC value plotted against Bitcoin`s price. It serves as a leading indicator of Bitcoin bull markets. Sufficiently high levels of value throughput is needed drive bull markets.
Network Momentum, if it was corrected for Bitcoin`s expanding token supply, would essentially be Bitcoin Velocity. In other words an inverse chart of NVT Ratio.
NVT requires estimates of the volume transmitted by the blockchain, so in this chart I`ve included NVT under various estimates. Coin Metrics (Data Pro product used here under license) is the default and best. Previously I used Blockchain.com estimates, I discovered this has been drifting, I`ve included it here so we can compare it to older legacy charts of NVT. HODL Volume is an estimate I came up with which counts all coins in wallets less than 24hrs old, this means they have moved in the last 24hrs thus a proxy to 24hr volume, it should be immune from drifting, so a useful "canary in the coal mine" should we find the Coin Metrics data to drift in future.