On-Chain Metrics

Periodic payments between long and short traders in perpetual futures contracts. Positive rates mean longs pay shorts; negative rates mean shorts pay longs. Keeps perpetual prices anchored to spot.

The annualized spread between Bitcoin futures prices and the spot price. Represents the cost of carry and reflects market sentiment about future prices.

The total number of outstanding futures contracts across all exchanges. Represents the total amount of capital committed to Bitcoin futures positions.

The total daily trading volume of Bitcoin futures contracts across all exchanges. Measures the level of speculative activity and leveraged trading.

The forced closing of leveraged positions when margin requirements are not met. Liquidation data shows the dollar value and direction (long vs short) of liquidated positions.

The total number of outstanding Bitcoin options contracts. Shows the total notional value of calls and puts across exchanges like Deribit, CME, and others.

Daily trading volume in Bitcoin options contracts. Measures the level of options market activity and can indicate hedging demand or speculative interest.

Cumulative Volume Delta for spot markets — the running total of the difference between taker buy and taker sell volume on exchanges.

The curve showing futures contract prices across different expiration dates. Shows the relationship between spot price and forward delivery prices at various maturities.

A simplified version of Coin Days Destroyed — returns 1 when CDD exceeds the average, and 0 when below. Makes it easier to identify sustained periods of old coin movement.

A metric weighing both the number of coins and how long they've been held. One coin held for 100 days then moved = 100 coin days destroyed. Gives significance to old coin movements.

Combines the Coin Days Destroyed concept with Network Value and Realised Value to create valuation metrics adjusted for the significance (age) of coins being transacted.

Evaluates the risk-reward balance of investing in Bitcoin based on HODLer confidence. Calculated from the ratio of current price to cumulative 'HODL Bank' (opportunity cost of not selling).

Value Days Destroyed Multiple — measures the ratio of current coin days destroyed (value-weighted) to the 365-day average. Identifies when old, valuable coins are being moved en masse.

A model that tracks Bitcoin's price relative to mining difficulty. Since miners are key price-insensitive sellers, the relationship between price and difficulty provides fundamental price support levels.

The total computational power dedicated to Bitcoin mining, measured in exahashes per second (EH/s). Higher hash rate = more secure network.

Compares the 30-day and 60-day moving averages of Bitcoin's hash rate. When the 30d MA crosses below the 60d MA, it signals miner capitulation; crossing back above signals recovery.

The daily revenue miners earn per unit of hash rate (typically per terahash per second per day in USD). The key economic metric for mining profitability.

The percentage of total miner revenue derived from transaction fees vs. block subsidies. As block rewards halve, fee revenue becomes increasingly important for mining sustainability.

Compares actual block intervals to the expected 10-minute target. Faster blocks indicate hash rate is growing; slower blocks suggest miners are dropping off.

The percentage of days in which mining at the current hash rate and difficulty would have been profitable. Indicates the overall health and sustainability of mining.

The ratio of daily miner revenue (in USD) to the 365-day moving average of daily miner revenue. Measures miner profitability relative to historical norms.

The number of unique Bitcoin addresses that were active (either sending or receiving) on a given day. A proxy for daily network usage and user engagement.

Breakdown of Bitcoin addresses by their balance size — from shrimp (< 1 BTC) to whales (> 10,000 BTC). Shows how different wealth classes are accumulating or distributing.

Multiple moving averages of daily miner fee revenue, creating a ribbon-like visual. Helps identify sustained trends in block space demand and network adoption.

Tracking of Bitcoin inscriptions (Ordinals/BRC-20) including counts, fees generated, and block space consumed. Measures the impact of NFT/token activity on the Bitcoin network.

The total transaction fees paid to miners by users sending Bitcoin transactions. Reflects urgency of transactions and demand for block space.

Analysis of Bitcoin transaction types by script format (P2PKH, P2SH, P2WPKH SegWit, P2TR Taproot). Shows the adoption rate of newer, more efficient transaction formats.

Compares short-term and long-term moving averages of daily transaction count. Identifies whether network activity is accelerating or decelerating relative to its trend.

The total USD value of Bitcoin transferred on-chain during a given period. Measures the economic throughput of the Bitcoin network.

Active Value to Investor Value — a refined version of MVRV that adjusts for active supply and investor behavior. Provides a cleaner signal of market valuation by filtering out dormant and lost coins.

A composite indicator combining multiple pricing models to identify when Bitcoin has entered an unsustainably euphoric phase. Triggers when multiple independent models simultaneously signal overvaluation.

Bitcoin's price adjusted for monetary inflation (M2 money supply growth). Shows Bitcoin's real purchasing power value over time by removing the effects of currency debasement.

The average acquisition cost of Long-Term Holders (coins held for more than 155 days). Represents the conviction price of patient, long-term investors.

The ratio of Bitcoin's price to its 200-day moving average. Created by Trace Mayer. A simple but effective measure of whether Bitcoin is overextended or undervalued relative to its longer-term trend.

Measures the premium that the market places on Bitcoin above its utility value (transaction volume). A high monetary premium indicates strong store-of-value demand.

Market Value to Realised Value — the ratio between Bitcoin's market cap and its realised cap. Measures whether Bitcoin is overvalued or undervalued relative to the aggregate cost basis of all holders.

Net Unrealised Profit/Loss — measures the total profit or loss of all Bitcoin holders as a proportion of market cap. Calculated as (Market Cap - Realised Cap) / Market Cap.

Network Value to Transaction Price — derived from the NVT ratio, this metric estimates a fair value for Bitcoin based on its on-chain transaction volume, similar to using P/E ratios to value stocks.

A mathematical model that plots Bitcoin's price on a logarithmic scale over time, creating a corridor of expected prices. Based on the observation that Bitcoin's price follows a power law relationship with time.

The aggregate cost basis of all Bitcoin in circulation, calculated by dividing the Realised Cap by the total supply. Each UTXO is valued at the price it was last moved. This creates an on-chain average purchase price for the entire network.

Realised HODL Ratio — compares the realised value of 1-week-old coins to 1-2 year-old coins. Measures the ratio between speculative and conviction capital in the market.

The average acquisition cost of Short-Term Holders (coins moved within the last 155 days). Represents the cost basis of recent market participants and speculators.

An enhanced version of the Realised Price that adjusts for lost coins and very old UTXOs. Provides a more accurate representation of the active market's aggregate cost basis.

Tracks the flow of capital between different cohorts of Bitcoin holders — from long-term holders to short-term holders and vice versa, based on UTXO age distribution changes.

The rate of change of the MVRV ratio over time. Shows the acceleration or deceleration of unrealised profits/losses across the market.

The net difference between realised profit and realised loss on a given day. Shows whether more value is being realised as profit or loss across the network.

The sum of all UTXOs valued at the price they were last transacted. Unlike market cap which values all coins at current price, Realised Cap weights each coin by its last on-chain moved price.

The total profit or loss actually realized by coins that moved on-chain. Calculated from the difference between the price at which coins were acquired and the price at which they were moved.

Measures the total amount of realised profit and loss relative to the Realised Cap. Indicates the significance of profit/loss-taking activity relative to the market's total value.

A composite metric identifying when selling pressure has been exhausted, often signaling market bottoms. Based on supply profitability, realised loss trends, and volatility compression.

Spent Output Profit Ratio — the ratio of the price at which coins were spent to the price at which they were acquired. Shows whether coins are being moved at a profit (>1) or loss (<1).

The percentage of Bitcoin's circulating supply currently held at a profit vs. at a loss. Determined by the acquisition price of each UTXO relative to current price.

The total unrealised profit or loss of all Bitcoin held on-chain, calculated by comparing each UTXO's acquisition price to the current market price.

UTXO Realised Price Distribution — shows the distribution of Bitcoin's supply at the price levels where coins were last moved. Creates a histogram of cost basis across all supply.

Total trading volume across all Bitcoin spot ETFs. Measures the level of trading activity and liquidity in the ETF market.

The total Assets Under Management held by all Bitcoin spot ETFs. Tracks the cumulative BTC balance across GBTC, IBIT, FBTC, ARKB, and other approved ETF products.

Daily net flows into and out of Bitcoin spot ETFs. Calculated as the difference between new subscriptions (inflows) and redemptions (outflows) across all ETF products.

Compares Bitcoin ETF AUM and volumes to other major ETFs (Gold ETFs like GLD, Bond ETFs, S&P 500 ETFs) to contextualize Bitcoin's growing institutional footprint.

An MVRV-like metric specifically for ETF holders, comparing the current market value of ETF-held Bitcoin to the average cost basis of ETF investors.

Aggregated weekly net flows across all Bitcoin spot ETFs. Provides a less noisy view of institutional demand trends compared to daily data.

The ratio of Bitcoin's market cap to total stablecoin supply. Measures the potential buying power of stablecoins relative to Bitcoin's current valuation.

The total market capitalization of all major stablecoins (USDT, USDC, DAI, BUSD, etc.) combined. Represents the total 'dry powder' in the crypto ecosystem.

The percentage of total crypto market cap represented by stablecoins. Indicates how much capital is parked in stable assets vs. risk assets.

The 30-day net change in total stablecoin supply. Positive = new stablecoins being minted (demand for crypto exposure). Negative = stablecoins being redeemed.

The total number of Bitcoin currently in existence, approaching the fixed maximum of 21 million. Increases with each block reward. Currently approximately 19.7 million BTC.

A visualization of Bitcoin's UTXO set age distribution over time. Shows what percentage of supply has been held for various time periods (< 1 day to 10+ years), creating colorful wave patterns.

Measures the 30-day net change in supply held by long-term holders. Positive = HODLers accumulating more than distributing. Negative = HODLers net distributing.

The rate at which new Bitcoin is created through mining block rewards. Halves approximately every 4 years (210,000 blocks). Currently 3.125 BTC per block after the April 2024 halving.

The total supply held by Long-Term Holders (coins that have not moved for 155+ days). LTH supply represents 'strong hands' — investors with conviction who are not selling.

The volume of previously dormant coins (held for 1+ years) that have moved on-chain. These are considered 'revived' as they break their dormancy to transact.

The total supply held by Short-Term Holders (coins that have moved within the last 155 days). STH supply represents recent buyers, speculators, and active traders.

Distribution of Bitcoin supply across different wallet size cohorts — from retail (< 1 BTC) to institutional (1,000+ BTC) and whale (10,000+ BTC).

The percentage of Bitcoin supply that has not moved on-chain for at least one year. Reflects long-term holder conviction and supply removed from active circulation.

Bitcoin's share of the total cryptocurrency market capitalization. Calculated as Bitcoin's market cap divided by the total crypto market cap.

Measures the percentage decline from Bitcoin's all-time high at any given point. Provides historical context for the severity of the current or past corrections.

The width of Bollinger Bands (distance between upper and lower bands) as a percentage of the middle band. Measures the degree of price volatility compression or expansion.

Compound Annual Growth Rate — the annualised rate of return for Bitcoin over various time periods. Provides a smoothed view of long-term performance.

Shows the price correlation between Bitcoin and other assets including stocks (S&P 500, Nasdaq), gold, bonds, and the US Dollar Index (DXY).

Compares Bitcoin's performance across different market cycles (halving to halving or bottom to bottom). Overlays cycles to identify patterns and divergences.

The actual observed volatility of Bitcoin's price over a specific period, calculated from historical price data. Typically expressed as annualised standard deviation.

Measures the return on investment from identified cycle lows. Tracks how each bull market compounds from its bear market bottom.

Analysis of Bitcoin's historical price performance by month, day of week, and quarter. Identifies recurring seasonal patterns in returns.

Risk-adjusted return metrics for Bitcoin. Sharpe ratio uses total volatility; Sortino uses only downside volatility. Higher values indicate better risk-adjusted performance.

Compares Bitcoin's returns to US Treasury bonds across various maturities and timeframes. Evaluates Bitcoin as an alternative to fixed income in portfolio construction.

Compares Bitcoin's performance against the Magnificent Seven tech stocks (Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, Tesla). Popular institutional comparison metric.

Total global money supply (M2) across major economies (US, EU, Japan, China, UK). Bitcoin has historically correlated with global liquidity expansion and contraction.

Compares Bitcoin ETF flows and AUM growth to the historical trajectory of gold ETFs (GLD launch in 2004). Provides context for the pace of institutional adoption.

Bitcoin's performance compared to gold over various timeframes. Tracks the BTC/Gold ratio to measure Bitcoin's evolution as a competing store of value.

Extends the Stock-to-Flow model to compare Bitcoin's scarcity with traditional commodities like gold and silver. Places Bitcoin on the same valuation framework as precious metals.

Key US economic indicators including Fed Funds rate, CPI/inflation, employment data, and yield curve. These macro factors significantly influence Bitcoin's price environment.