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 where long-dormant coins keep their old, last-moved valuation instead of being re-priced to spot, which 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 a blockchain-derived 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 a blockchain-derived 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. Computed from a blockchain-derived, 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. Computed from a blockchain-derived cost-basis index that records each coin’s last-moved price — 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. Computed from a blockchain-derived 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. Computed from a blockchain-derived, 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. Computed from a blockchain-derived 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. Runes runestones, protocol metadata) rather than payments. Output-side classification — informational, not financial advice.
SegWit adoption
Share of daily transactions that carry witness data — the on-chain marker of a SegWit spend (SegWit txs ÷ all txs), read straight from the Bitcoin blockchain. It climbed from SegWit’s 2017 activation into the mid-90% range. 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.