Bitcoin Onchain Dashboard: The 5 Metrics I Check Every Single Week (And Why)

The Crypto Fear and Greed Index has been sitting at 24 — Extreme Fear — for 46 consecutive days. Bitcoin is trading at $66,600, roughly 42% below its all-time high of $126K. It’s the sixth straight month of negative price performance. If you’ve been watching price alone, the noise is relentless.

But price is one signal. Onchain data is something deeper — a window into what Bitcoin holders are actually doing with their coins, not just what the market is doing with the ticker. And when you build a Bitcoin onchain dashboard — a consistent set of five metrics you check every single week — the noise starts to resolve into something readable.

These are the five metrics I check every Sunday. Not every day — that leads to overreaction. Every week, because that’s the cadence that catches structural shifts without getting lost in hourly fluctuations. Here’s what each one measures, how it’s calculated, where it’s sitting right now, and how I use it as part of a weekly review.

If any of these terms are unfamiliar, the Bitcoin Onchain Glossary covers the core concepts you’ll need before diving in.

Why a Weekly Dashboard Beats Daily Price Checking

Checking onchain metrics daily is like checking a patient’s blood pressure every hour — you’ll see variance that tells you almost nothing useful. Weekly reviews give the data time to develop. Trends emerge. Anomalies separate from noise. The five metrics below shift slowly by design — they reflect weeks or months of holder behaviour, not hourly trading activity. A weekly review takes 20–30 minutes, it’s repeatable, and it forces you to look at structure rather than react to price. Over a full market cycle, that discipline is worth more than any single indicator.

Is the MVRV Z-Score Telling Us Bitcoin Is Undervalued or Overvalued?

The MVRV Z-Score is the first metric I open every Sunday. It compares Bitcoin’s market capitalisation to its realised capitalisation — the aggregate cost basis of all coins based on the price each coin last moved on-chain — and then normalises the difference using a Z-score to strip out the growing base effect of Bitcoin’s expanding market size. The result is a single number that tells you whether Bitcoin’s price is stretched above or compressed below its long-run fair-value baseline.

The formula: (Market Cap – Realised Cap) ÷ Standard Deviation of Market Cap. When the Z-Score climbs above 7, historical data shows you’re near a cycle top. When it drops below zero, you’re typically near a generational accumulation zone. Those extremes have been reached at every major cycle turning point since 2011.

Key historical readings:

• December 2017 peak: Z-Score above 9 — Bitcoin topped at $20K
• December 2018 bottom: Z-Score fell below 0.1 — confirmed capitulation low
• November 2021 peak: Z-Score above 7 — final cycle top signal
• November 2022 FTX bottom: Z-Score touched negative territory — confirmed bear market bottom

Right now, the MVRV Z-Score sits at approximately 1.2. That places Bitcoin firmly in mid-range territory — well below the overvaluation zone that has historically coincided with cycle tops, but not at the extreme undervaluation seen at confirmed cycle bottoms. The direction of the weekly trend matters as much as the absolute number: a Z-Score at 1.2 trending upward tells a different story than a Z-Score at 1.2 drifting lower. Each week I’m watching for the trend direction and whether the score is approaching any key threshold bands.

Are Exchange Reserves Signaling That Sellers Are Giving Up?

Bitcoin exchange reserves measure the total amount of BTC sitting on centralised exchanges at any given moment. Coins on exchanges are, by definition, positioned to be sold — they’ve been moved out of cold storage and onto a platform where they can be traded. When reserves fall, Bitcoin is moving off exchanges into self-custodied wallets. When reserves rise, the opposite dynamic is playing out.

The current reading: exchange reserves stand at approximately 2.31 million BTC — the lowest level since April 2018, an eight-year low for available sell-side supply. At the 2020 peak, exchange-held Bitcoin reached roughly 3.4 million coins. That 1.1 million coin reduction over six years represents a sustained, structural shift in how Bitcoin holders are choosing to custody their assets.

Supporting context: large holders accumulated an estimated 270,000 BTC over the past 30 days alone — the highest monthly net accumulation figure in 13 years. That scale of institutional-grade withdrawal from exchange supply is exactly the kind of structural move that exchange reserves capture and that daily price charts never show.

The weekly use case: track the direction. A week-over-week decline in reserves during a price drawdown is a significant confluence signal — price is weak, but the supply side is contracting rather than expanding. Those two conditions typically cannot coexist indefinitely.

What Is STH-SOPR Telling Us About Recent Buyer Behavior?

The STH-SOPR (Short-Term Holder Spent Output Profit Ratio) tracks whether Bitcoin that moved in the last 155 days is being sold at a profit or a loss. It isolates the short-term holder cohort — the most reactive, sentiment-driven segment of the market — and tells you at any given moment whether they’re capitulating or sitting comfortably in profit.

The calculation: total value of coins sold divided by the total value of those same coins at the time they were last acquired. A reading above 1.0 means short-term holders are selling at a profit on average. Below 1.0 means they’re selling at a loss — capitulating into the market.

The historical pattern is consistent: extended periods below 1.0 are associated with bear market bottoms and capitulation events. The sustained flips back above 1.0 — particularly when 1.0 transitions from resistance to support — have reliably signalled that the short-term holder cohort has stabilised and the market’s most reactive sellers have been largely shaken out. This pattern repeated at the 2015, 2018, and 2022 cycle bottoms.

Currently, STH-SOPR is compressing around the 1.0 level, with periodic dips below. This is a stress signal — recent buyers are near break-even or under pressure. The key watch level each week: does 1.0 hold as support during pullbacks, or does STH-SOPR drop further into loss territory? A sustained return above 1.0 over multiple consecutive weeks would be a meaningful shift in the short-term holder picture.

Is the Puell Multiple Showing Miner Stress or Miner Confidence?

Bitcoin miners must sell to survive — they pay electricity bills in fiat, which means constant sell pressure from the miner cohort is structural. The Puell Multiple captures this by comparing daily miner revenue (in USD) to its 365-day moving average. When miners earn significantly more than their historical baseline, they have more to sell — historically corresponding with market tops. When miners earn far below baseline, their financial stress peaks — and those moments have been among the best accumulation zones Bitcoin has produced.

The zones to know: a Puell Multiple below 0.5 is the historically green accumulation zone. Above 3.5 is the red distribution zone. These thresholds have accurately identified cycle extremes at the 2012, 2015, 2018, and 2022 capitulation bottoms, and at the 2013, 2017, and 2021 cycle peaks.

Current reading: the Puell Multiple is in a moderate range — above the green zone (deepest miner stress has passed) but well below the red zone (no overheating signal). Post-halving dynamics are relevant: the April 2024 halving cut block rewards in half, naturally resetting the Puell Multiple lower and making green zone revisits more likely in the following months. Historically, those post-halving green zone windows have been among the highest-conviction accumulation setups in Bitcoin’s history.

What Does the RHODL Ratio Say About Who’s Actually Holding Bitcoin Right Now?

The RHODL Ratio (Realised HODL Ratio) measures the dominance of older coins relative to newer coins in economic activity. It divides the realised value of the 1-week HODL wave — coins that last moved within the past week, representing fresh speculative capital — by the realised value of the 1–2 year HODL wave, representing patient, conviction-driven capital that has weathered at least one full year of market cycles.

When the RHODL Ratio is elevated, fresh speculative money is dominating market activity — historically associated with late-stage bull runs and cycle tops. When suppressed, older patient capital is dominant — speculative money has rotated out, and the remaining holders are the cohort that has been through multiple cycles and chosen not to sell.

Historical context: RHODL Ratio peaks occurred in December 2017 and November 2021 — both confirmed cycle tops. Historical RHODL lows correspond to the 2018 bear market bottom, the mid-2020 accumulation phase, and the late 2022 post-FTX period — all exceptional accumulation windows in hindsight.

Right now, the RHODL Ratio is at suppressed levels. Speculative capital has largely exited. The cohort running the table is the long-term conviction holder base — the same profile that has historically dominated market activity during accumulation phases before the next bull run begins.

What to watch weekly: a rising RHODL Ratio signals fresh speculative capital re-entering the market. It’s one of the earliest macro-cycle turn signals in this dashboard. When RHODL starts moving up from low levels, it has historically preceded price momentum by weeks to months. For context on how this fits with other cycle indicators, see the 7 Bitcoin Cycle Top Indicators guide.

How Do You Use These Five Metrics Together as a Weekly Dashboard?

No single metric makes a decision. What these five do collectively is give you a multi-layered read on where Bitcoin sits in its market cycle — from the macro valuation level (MVRV Z-Score) down to the behaviour of the most recent buyers (STH-SOPR), with supply dynamics (Exchange Reserves), miner behaviour (Puell Multiple), and holder age composition (RHODL Ratio) filling in the structural picture in between.

The framework: check all five every Sunday. Note the direction of each metric rather than just the absolute level. Look for confluence — when three or more of these five metrics point in the same direction, that’s a high-conviction structural read. When they diverge, that’s a reason to watch and wait rather than act on any single signal.

The current read as of late March 2026:

• MVRV Z-Score at 1.2: mid-range, not stretched to either extreme
• Exchange Reserves at an 8-year low: supply side contracting as large holders accumulate
• STH-SOPR compressing near 1.0: short-term holder stress ongoing — the shakeout is not complete
• Puell Multiple in moderate range: deepest miner stress has passed, no overheating signal
• RHODL Ratio suppressed: speculative capital has exited; patient capital is dominant

Four of these five metrics are painting a consistent picture: the dominant dynamic is accumulation, not distribution. That doesn’t mean price can’t move lower from here — the STH-SOPR stress signal says recent buyers remain under pressure, and bear markets can grind longer than expected. But the structural onchain picture, read through these metrics rather than through the Fear and Greed Index, is telling a meaningfully different story than sentiment data alone would suggest.

This is the core value of a weekly onchain dashboard: not predicting the next price move, but accurately reading where you are in the cycle so that short-term noise doesn’t override long-term signal. All five of these metrics are available at no cost through the tools in the best free Bitcoin onchain analysis tools guide. You don’t need a premium subscription to run this review every week. You need consistency.

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Disclaimer

For informational and educational purposes only. Not financial advice.