NVT Price values the Bitcoin network using the investor volume as seen on its blockchain. NVT Ratio is the ratio of on-chain volume to its market cap, you can think of it as a PE Ratio. NVT Price is calculated by multiplying on-chain volume by the 2 year median value of NVT Ratio, that network valuation is then adjusted to price by dividing by the coin supply.
NVT Premium is simply the ratio of the market price above of below the fundamental valuation estimated by NVT Price.
This metric uses volume estimates from Coinmetrics Pro under license.