Time-series charts
Daily metrics rolled up across the chain (final blocks only).
Valuation
Realized cap — aggregate cost basis (USD)
Realized cap sums every coin at the price it last moved, rather than at today’s spot — a “stored value” measure that ignores idle supply and smooths over speculative spikes. It’s the realized-value denominator behind MVRV — informational, not financial advice.
Realized price — aggregate cost basis per coin (USD)
Realized price values each coin at the price it last moved, then divides that realized cap by supply — an estimate of the network’s average cost basis. When spot trades below it, the market is underwater on average (historically near cycle bottoms); well above it, holders are in aggregate profit — informational, not financial advice.
MVRV — market value ÷ realized value
MVRV compares market cap to realized cap (the aggregate cost basis of all coins). 1.0 means the market is priced at roughly what holders paid on average; historically, sustained highs (above ~3.5) have coincided with cycle tops and dips below 1 with bottoms — informational, not financial advice.
MVRV Z-score — standardised market vs realized value
The Z-score expresses the gap between market cap and realized cap in standard deviations of market cap, making over/under-valuation comparable across cycles. Historically the shaded zones — below 0 and above ~7 — have coincided with major bottoms and tops respectively, but the band is a full-history statistic and past ranges need not repeat — informational, not financial advice.
NUPL — net unrealized profit / loss
NUPL is the share of market cap sitting in unrealized profit or loss — derived from MVRV (NUPL = 1 − 1/MVRV). Above 0 the market is in aggregate profit; below 0, aggregate loss. The bands are the conventional sentiment regimes (capitulation → euphoria); historically deep-negative readings clustered near cycle bottoms and readings above ~0.75 near tops — informational, not financial advice.
SOPR — spent-output profit ratio & realized P&L
SOPR compares the price coins move at today against the price they last moved at — above the 1.0 break-even line means the market is, on balance, spending coins at a profit; below means at a loss. The bars are the realized net P&L those spends locked in each day (green = net gains, red = net losses); the purple line is the running total since genesis. Computed from the node’s UTXO-age index joined with daily price — informational, not financial advice.
Supply & cohorts
URPD — supply by cost basis
How much of today’s circulating supply last moved at each price level — its cost basis. Green bars (left of spot) hold coins whose cost basis is below today’s price (in profit); red bars (right of spot) are in loss, so the colour boundary marks the spot price. The price axis is log-spaced. A snapshot of the current UTXO set from the node’s cost-basis index × daily price. The most ancient coins — those that last moved before Bitcoin had a market price (mid-2010) — have no cost basis, so they sit outside these bars and the total shown runs a few percent under circulating supply. Informational, not financial advice.
HODL waves — supply share by coin age
HODL waves split the living BTC supply by coin age — how long each coin has sat unmoved — and stack the bands to 100% over time. Warm bands are recently-moved supply; cool bands are long-dormant “hodled” coins. Swelling old bands mean holders sitting tight; a shrinking cool band means aged supply waking up and moving. Derived from the node’s reorg-safe UTXO-age index — informational, not financial advice.
Realized-Cap HODL waves — realized-cap share by coin age
The realized-cap sibling of HODL waves: instead of splitting supply by coin age, it splits realized cap — each coin valued at the price it last moved — and stacks the bands to 100%. Weighting by cost basis makes recently-acquired, expensive supply (warm bands) stand out during bull runs, while long-dormant coins bought cheaply contribute less than their raw supply share. Derived from our retained birth-day cost-basis vectors — informational, not financial advice.
STH / LTH supply — circulating supply by holder age
Circulating supply split at the 155-day age line — coins held longer are long-term holders (purple), younger are short-term holders (orange), stacked to the full supply. Long-term supply rising reflects coins maturing / accumulation; short-term supply rising reflects distribution or fresh demand. Derived from the node’s cost-basis index — informational, not financial advice.
STH / LTH realized price — each cohort’s cost basis
Each cohort’s realized price — its average on-chain cost basis (realized cap ÷ supply) — shown against spot on a log axis. The STH realized price is a widely-watched level: when spot falls below it, the average short-term holder is underwater, historically a capitulation zone. Informational, not financial advice.
STH / LTH MVRV — cohort profit / loss ratio
Each cohort’s market value ÷ realized value. Above 1 the average holder in that cohort is in profit; below 1, in loss (the dashed break-even line). STH-MVRV near 1 marks short-term support/resistance; LTH-MVRV extremes have flagged cycle tops (high) and bottoms (low). Informational, not financial advice.
Coin-age & spending
Coin-days destroyed — spent-output age & dormancy
Coin-days destroyed (CDD) weights each spent coin by how long it sat still — Σ (coins moved × days held) per day — so it surfaces old, long-dormant supply waking up rather than routine churn. Dormancy divides that by the coins moved that day, giving the average age (in days) of what was spent. Derived from the node’s reorg-safe UTXO-age index — informational, not financial advice.
Cycle oscillators — Liveliness & VDD Multiple
Liveliness = cumulative coin-days-destroyed ÷ cumulative coin-days-created — rises when spending dominates new issuance, falls as coins mature into dormancy. VDD Multiple compares a 30-day to a 365-day moving average of value-days-destroyed (CDD × price), scaled by how much of the eventual 21M supply exists yet; historically elevated readings have aligned with cycle tops. Null until 365 days of priced history accumulate. Derived from the node’s UTXO-age index × price — informational, not financial advice.
RHODL Ratio — realized-value cycle oscillator
RHODL Ratio (Realized HODL) = realized value of coins aged under 1 week ÷ realized value of coins aged 1–2 years, multiplied by the age of the market in days. High readings mean a large share of realized value sits in recently-moved coins (late-cycle euphoria); low readings mean value has settled into long-term hands (accumulation). Log scale; the shaded red / green zones mark the top / bottom decile of its full history. Computed directly from on-chain coin-age data — informational, not financial advice.
Mining, network & adoption
Miner revenue & security budget
Miner revenue = block subsidy + transaction fees (BTC/day, stacked). The green line is fees as a share of revenue — as the subsidy halves, fees must carry more of the security budget.
Puell Multiple — miner issuance revenue vs. its own yearly average
Puell Multiple = today’s USD value of newly-issued BTC (block subsidy only, not transaction fees) ÷ its own 365-day moving average. Above the 1.0 line, miners are earning more than their trailing-year average in dollar terms; below it, less. Null until 365 days of priced history accumulate. Derived from block subsidy × daily price — informational, not financial advice.
Output script-type mix
Share of daily transaction outputs by address type. The rising P2WPKH (SegWit, 2017) and P2TR (Taproot, 2021) bands track the network adopting newer formats; OP_RETURN reflects data-carrying (e.g. inscriptions) rather than payments. Output-side classification — informational, not financial advice.
SegWit adoption
Share of daily transactions that spend at least one SegWit input — transactions that carry witness data (segwit txs ÷ all txs), read straight from the Bitcoin blockchain. It climbed from SegWit’s 2017 activation into the mid-90s%. The 2026 dip isn’t wallets leaving SegWit: a surge of “data-carrier” transactions — the Alkanes protocol mass-minting the DIESEL token via keyless anchor outputs that carry no witness — swelled the transaction count and diluted the share, even as real SegWit usage kept rising. Some trackers count those anchor spends as SegWit and read higher (~97%).
Explore any metric
Raw daily series for the primitives behind the curated charts above — pick a metric and download the data.
Transactions per day
Informational, not financial advice.