infosbitcoin· Bitcoin on-chain analytics, explained

On-chain metrics, explained

Every indicator on the platform, described simply: what it measures, how to read it, how it is computed. Data read at the source on a full Bitcoin node.

Cycle & valuation
BTC priceThe price of one bitcoin in US dollars (daily closing price).Mayer MultipleThe ratio of the current price to its 200-day average (the long-term trend). Above 1, pricDrawdown from ATHHow far the price has fallen from its all-time high. Always negative or zero: 0% = a new rRealized volatility (30d)The magnitude of price moves over 30 days, annualized. The higher, the harder the market mStock-to-FlowThe ratio between the stock of existing bitcoins and the flow created each year. The higheAverage PriceThe average of the market cap's entire history, expressed as a price per bitcoin — a sort
Market & valuation
Market capThe total value of all bitcoins in circulation, in dollars: the price multiplied by the nuMiner revenue (USD)What miners earn each day, in dollars (block reward + fees).Fees paid (USD)The total transaction fees paid by users over one day, in dollars.ThermocapThe cumulative sum of everything miners have earned since the beginning, in dollars (issuaThermocap MultipleMarket cap relative to the Thermocap (everything miners have earned since the beginning).
Miners & security
Miner revenueThe total miners earn each day: the block reward (new bitcoin issuance) plus transaction fTransaction feesThe total fees users paid to get their transactions through, over one day.Puell MultipleCompares miners' issuance revenue for the day (freshly created bitcoins, in dollars) to itInflation rate (annualized)The pace at which the bitcoin supply grows, in percent per year. Today under 1%/year — lowFee share (miner revenue)The share of miner revenue that comes from transaction fees (the rest coming from new bitc
Network activity
On-chain volumeThe total amount of bitcoin that moved on the blockchain during the day (sum of transactioTransactions per dayThe number of transactions confirmed on the blockchain each day.Average block sizeThe average size of the day's blocks, in megabytes.NVT SignalBitcoin's 'P/E ratio': market cap relative to on-chain transaction volume (smoothed over 9Average fee per transactionThe average cost, in dollars, of a Bitcoin transaction confirmed that day (total fees ÷ nu
UTXO valuation (MVRV, NUPL)
Realized CapThe 'realized' capitalization: instead of valuing each bitcoin at today's price, it is valRealized PriceThe average on-chain cost basis: on average, at what price did each BTC last move. It is nMVRVCompares what Bitcoin is worth today (market cap) to what holders actually paid on averageNUPLThe network's unrealized profit (or loss) as a share of its total value. Positive = the ma