Crypto Metric Guide
An English guide to Bitcoin and crypto on-chain metrics - what they are, how they're calculated, and how to read them, with real historical charts.
MVRV Z-ScoreShows where Bitcoin's market valuation sits relative to its realized value.
NUPLNet Unrealized Profit/Loss - the market's aggregate unrealized profit or loss ratio.
SOPRSpent Output Profit Ratio - the average profit/loss ratio on spent coins. Above 1.0 means profit, below means loss.
aSOPRAdjusted SOPR - SOPR calculated while excluding UTXOs younger than 1 hour. Above 1.0 means profit, below means loss.
Realized PriceThe average cost basis price obtained by dividing realized cap by circulating supply.
Realized CapThe total market value of every coin, priced at the moment it last moved.
RHODL RatioThe weighted ratio of the 1-week and 1-2-year age bands of Realized-Cap HODL Waves.
Reserve RiskThe ratio between price and long-term holder 'HODL conviction' - a low value means strong HODLing behavior against a low price.
Puell MultipleThe ratio of daily issuance value to its 365-day moving average - miner economics.
Fear & Greed IndexA composite index summarizing market sentiment on a scale from 0 (extreme fear) to 100 (extreme greed).
HashrateThe network's total computing power (in exahashes per second).
DifficultyThe computational difficulty required to find the next blocks.
Hash PriceThe average daily return (USD) of 1 TH/s of computing power - a direct measure of miner profitability.
Miner RevenueThe total revenue miners earn from block reward plus transaction fees over the last 24 hours.
STH SupplyThe total BTC supply held by short-term holders (STH, generally held under 155 days).
LTH SupplyThe total BTC supply held by long-term holders (LTH, generally held over 155 days).
STH SOPRSOPR applied only to UTXOs spent by short-term holders (STH). Above 1.0 means profit, below means loss.
LTH SOPRSOPR applied only to UTXOs spent by long-term holders (LTH). Above 1.0 means profit, below means loss.
Coin Days Destroyed (Supply-Adjusted)The sum of spent UTXOs (amount × holding time), normalized against total circulating supply as it changes over time.
DormancyThe average 'dormancy' period (in days) of spent coins, over a 1-year window.
Long/Short RatioCross-exchange average share of top-trader accounts positioned long in BTC perpetual futures - above 50 is long-weighted, below is short-weighted.
Funding RateCross-exchange average funding rate on BTC perpetual futures - positive means longs pay shorts, negative means shorts pay longs.
Open InterestTotal open position size across BTC perpetual futures venues in USD - the sum of a fixed ten-exchange panel.
Taker Buy/Sell RatioTotal taker buy volume divided by total taker sell volume across BTC perpetual futures venues - a fixed thirteen-exchange panel.
NVT RatioNetwork Value to Transactions - the ratio of market value to on-chain transaction volume (BTC's counterpart to the P/E ratio).
Stock-to-Flow ModelThe ratio of current supply to annual new issuance - a valuation model based on the halving schedule that measures BTC's scarcity.
Supply in ProfitThe percentage of BTC supply currently in profit at the current price (last-move price below the current price).