Bitcoin metrics

Charts and on-chain indicators for Bitcoin. Data from the daily market-data and on-chain feeds.

Every chart here is built from public data by code, rebuilt daily, and published alongside the CSV it was drawn from — so any number on this site can be checked rather than taken on trust. Each page carries the same four questions: how to read the metric, how it is calculated, what it actually did at past cycle peaks and troughs, and what it does not tell you.

That third section is where most of these pages disagree with the conventional account of their own indicator. Pi Cycle Top has missed the last two cycle peaks outright. Price has not closed above the power-law rainbow's top band since May 2021. MVRV's cycle peaks have fallen from 4.72 to 2.29, so the widely quoted 3.7 threshold has not been reached at either of the last two tops. Where an indicator's record contradicts its reputation, the page says so.

The groups below run from valuation and the halving cycle, through the macro series Bitcoin is priced against, to volatility, mining economics and market positioning.

Valuation & cycle

MVRV — Market value ÷ realized value, against price. High = holders deep in profit (frothy); low = undervalued.
NUPL — Net unrealized profit/loss across supply — euphoria vs capitulation, against price.
AVIV Z-Score — Valuation z-score (MVRV-Z style), against price. Extremes have marked cycle tops and bottoms.
NVT Signal — Network value ÷ transaction volume — a P/E-like valuation oscillator.
Long-Term SOPR — Long-term holders' spent-output profit ratio, against price. Above 1 = selling in profit.
Pi Cycle Top — When the 111-day MA crosses above 2× the 350-day MA it has historically marked cycle tops.
Power-Law Rainbow — Price against bands parallel to the power-law fit — a log-log rainbow corridor.
200-Week Moving Average — The 200-week MA has historically tracked the cycle floor; price rarely closes below it.
Realized Price (STH vs LTH) — Cost basis of short- vs long-term holders — key support/resistance in bull and bear markets.
Long-Term-Holder Supply — Bitcoin held unmoved for 6+ months, against price — conviction supply that isn't for sale.
4-Year Cycle — Halving cycle with markers, current progress, and a projection from prior cycles.
Power Law — Long-term power-law trend on log-log axes with support and resistance.
The Bitcoin Forks — BCH, BSV and BTG priced in bitcoin — all down 96% or more against it.

Macro & fiat

US Debt Priced in Bitcoin — How many bitcoin the entire US public debt is worth. In dollars it only grows; priced in bitcoin it has fallen sharply.
Bitcoin vs US M2 — Bitcoin against the US money supply, both indexed to 100 — no lag offset, no second axis.
Bitcoin vs US Debt — Bitcoin against US total public debt, both indexed to 100 from a common start.
World Government Debt — Government debt summed across the ~88 countries the IMF reports, in USD. Coverage grows over time, so read it for trend and scale.
World Debt Breakdown — The largest government debt piles, in USD.

Volatility

Bitcoin Volatility — Annualised realized volatility over 30 and 90 days, back to 2012. The long-run trend is down: about 110% in 2013, roughly 41% in 2025.
Bitcoin vs Gold — Bitcoin against gold since 2014, both indexed to 100 on one log axis — the oldest hard money against the newest.
Bitcoin Priced in Gold — How many ounces of gold one bitcoin buys — the hard-money cross rate, with no dollar in the middle.
Bitcoin vs S&P 500 — Bitcoin against the S&P 500, both indexed to 100 from a common start.

Network & mining

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.

Sentiment & flows

Bitcoin Dominance — BTC share of total crypto market cap (%).
Fear & Greed — Market sentiment index, 0 (extreme fear) to 100 (extreme greed).
Funding Rate — Perpetual-swap funding rate. Positive = leveraged longs pay shorts.
Drawdown From ATH — How far below the all-time high price sits — the depth of each bear market.
Return Seasonality — Month-over-month returns by year, as a heatmap.
Bitcoin Price — Daily BTC price history.