Network & mining
Hashprice, Puell, market cap, coin-days destroyed
What the chain itself is doing, rather than what its price is. Hashprice and the Puell Multiple measure the economics of mining — the industry that secures the network and sells coins to pay for it. Coin Days Destroyed, VDD and Liveliness weight movement by how long coins sat still, which is the closest the chain comes to distinguishing patient holders from traders.
The common caveat runs through all of them: the chain records movement, not intent. A coin moving between two wallets belonging to the same person is indistinguishable, on-chain, from a sale — and each page here says where that bites hardest.
- Puell Multiple — Daily miner revenue vs its 365-day average, against price — a miner-driven cycle signal.
- Market Cap — Total BTC market capitalisation (log scale).
- Hashprice — Miner revenue per unit of hashrate (log scale).
- Coin Days Destroyed — Daily coin-days destroyed — old-coin movement (log scale).
- VDD Multiple — Value-days-destroyed multiple — old-coin spending vs its trend.
- Liveliness — Coin-days destroyed ÷ created — a rising line means HODLers are spending.
Bitcoin, by the numbers
Cycle position, valuation and what fiat is doing — the week's key metrics in your inbox.
No spam, unsubscribe any time · Powered by Buttondown