Onchain analytics can feel overwhelming when you’re starting out. Analysts throw around terms like MVRV Z-Score, STH-SOPR, and realized cap as if everyone already knows what they mean. Most don’t — and that’s the gap this glossary is built to close.
Below you’ll find plain-English definitions for 30 of the most important Bitcoin onchain metrics, organized alphabetically. No jargon. No assumed knowledge. Each entry tells you what the metric is, what a high reading means, and what a low reading means. Bookmark this page — it’s designed to be the reference you come back to every time you encounter an unfamiliar term.
Where we’ve published a full explainer on a metric, we’ve linked to it. Where we haven’t yet, we will — this glossary grows alongside the Onchain Decoded metric library.
Accumulation Trend Score
A metric from CryptoQuant that measures whether large wallets are actively accumulating or distributing Bitcoin. It ranges from 0 to 1. A score close to 1 indicates heavy accumulation by entities with significant balances. A score close to 0 indicates distribution — large holders are selling rather than buying. It’s a useful real-time read on what “smart money” is doing at any given moment.
Active Address Momentum
Tracks the number of unique Bitcoin addresses active on the network over a given period and compares it to a historical baseline. High active address momentum suggests growing network usage and new participant activity — typically a bullish signal. Low or declining active address momentum suggests the network is seeing reduced engagement, which has historically coincided with bear market conditions or periods of stagnation.
aSOPR (Adjusted SOPR)
A version of SOPR that removes short-lived transactions — specifically coins that are moved within an hour of being received. These very short-term movements are typically exchange-related housekeeping rather than genuine investment decisions, and including them can distort the signal. aSOPR gives a cleaner read on whether real holders are realizing profits or losses. Interpretation is identical to SOPR: above 1.0 is profit territory, below 1.0 is loss territory.
Balanced Price
A pricing model that combines two signals: the realized price (the average cost basis of all holders) and the transferred price (a measure of how much economic value has been transferred relative to price). The balanced price represents a kind of “fair value” floor — historically, Bitcoin has rarely spent extended time below the balanced price, and dips toward or below it have tended to mark strong accumulation zones. A high reading means market price is well above this floor. A low reading — or market price approaching balanced price — suggests historically undervalued conditions.
Coin Days Destroyed (CDD)
A metric that weights Bitcoin transactions by how long the coins involved were dormant before being moved. One “coin day” is created for each coin held for each day. If 10 Bitcoin that haven’t moved in 100 days suddenly transfer, that destroys 1,000 coin days. High CDD readings mean old, long-dormant coins are moving — often interpreted as long-term holders taking profits or redistributing supply, which has historically occurred near cycle tops. Low CDD means the coins moving are mostly fresh — normal market activity with no unusual behavior from older supply.
CVDD (Cumulative Value Days Destroyed)
A pricing model derived from Coin Days Destroyed that attempts to track the cumulative economic value of all Bitcoin transfers over time. It produces a price floor that has historically never been breached during a Bitcoin bear market — making it one of the most reliable long-term support models in onchain analysis. When Bitcoin’s price approaches CVDD during a downturn, it has historically marked the zone of maximum pessimism and minimum risk for long-term buyers.
Delta Price
A pricing model calculated as the difference between realized price and average price over Bitcoin’s entire history. Like Balanced Price and CVDD, Delta Price represents a lower-bound support model. Historically, Bitcoin’s price has only briefly dipped below Delta Price during the most extreme capitulation events. It’s most useful as a “worst case floor” reference rather than a day-to-day metric.
Entity-Adjusted Dormancy Flow
A ratio that compares Bitcoin’s market cap to its annualized dormancy — a measure of how many coin-days are being destroyed relative to the total supply. When dormancy flow is high, old coins are moving frequently relative to market cap, suggesting distribution and potential cycle peaks. When it’s low, coins are sitting dormant — holders are accumulating and refusing to sell. It’s a useful complement to MVRV for identifying cycle extremes, with the advantage of being harder to game than simpler metrics.
Exchange Netflow
The net amount of Bitcoin flowing into or out of centralized exchange wallets over a given period. Calculated as exchange inflows minus exchange outflows. A positive netflow (more BTC moving to exchanges than leaving) suggests holders are positioning to sell — bearish pressure. A negative netflow (more BTC leaving exchanges than arriving) suggests holders are moving coins to cold storage — typically a bullish signal indicating reduced sell-side supply. We track this metric weekly in the Onchain Pulse.
Exchange Reserve
The total amount of Bitcoin currently held in wallets controlled by centralized exchanges. A rising exchange reserve means more Bitcoin is accumulating on exchanges — more potential sell pressure. A falling exchange reserve means Bitcoin is leaving exchanges for private wallets and cold storage — reducing available supply. The direction of change matters more than the absolute number. Extended periods of declining exchange reserves have historically preceded significant bull markets. Full explainer: Bitcoin Exchange Reserves Explained.
Hash Ribbon
An indicator created by Charles Edwards that uses two moving averages of Bitcoin’s hash rate — the 30-day and 60-day — to identify periods of miner capitulation and recovery. When the 30-day hash rate MA crosses below the 60-day, miners are under stress and switching off machines. When it crosses back above — the “Hash Ribbon buy signal” — miner conditions have recovered and the worst of the selling pressure from miners has passed. Historical Hash Ribbon buy signals have consistently appeared near market bottoms. Full explainer: Bitcoin Hash Ribbon Explained.
Liveliness
A metric that measures the ratio of total coin-days destroyed to total coin-days ever created. When Liveliness rises, more coin-days are being destroyed than created — old coins are moving, suggesting distribution. When Liveliness falls, coin-days are accumulating — holders are HODLing and not moving coins. A sustained decline in Liveliness while price rises is a bullish structural signal: the market is going up but long-term holders aren’t selling into it.
LTH-SOPR (Long-Term Holder SOPR)
The SOPR calculation applied only to coins held for more than 155 days — the long-term holder cohort. Because long-term holders have typically held through multiple price cycles, their SOPR almost always reads well above 1.0. A meaningful drop in LTH-SOPR toward 1.0 is a rare and serious signal — it means even the most convicted holders are approaching their cost basis. LTH-SOPR falling below 1.0 has historically marked the absolute floor of bear markets and has only occurred a handful of times in Bitcoin’s history.
MVRV (Market Value to Realized Value)
One of the foundational Bitcoin valuation metrics. MVRV divides Bitcoin’s market cap by its realized cap — the aggregate cost basis of all coins. A high MVRV (above 3.0–3.5) means the market cap has grown far above the average cost basis of holders, indicating significant unrealized profit and historically elevated sell risk. A low MVRV (below 1.0) means market cap has fallen below the aggregate cost basis — holders are collectively underwater, which has historically marked deep bear market bottoms. A standard MVRV between 1.0 and 2.0 represents fair value territory.
MVRV Z-Score
An enhanced version of MVRV that applies a standard deviation adjustment to remove the effect of Bitcoin’s long-term price growth and focus on statistically extreme deviations. When the Z-Score exceeds 7, Bitcoin is historically in dangerous overvaluation territory — all major cycle tops since 2013 have seen the Z-Score above 7. When it falls toward zero or below, Bitcoin is in statistically undervalued territory. The Z-Score was between -0.4 and -0.8 at the 2015, 2019, and 2022 bear market bottoms. You can check the current reading free at Bitcoin Magazine Pro. Full explainer: MVRV Z-Score Explained.
NUPL (Net Unrealized Profit/Loss)
Measures the aggregate unrealized profit or loss of all Bitcoin holders as a percentage of market cap. Calculated as (Market Cap − Realized Cap) ÷ Market Cap. NUPL moves through five named zones: Capitulation (negative), Hope-Fear (0–0.25), Optimism-Anxiety (0.25–0.5), Belief-Denial (0.5–0.75), and Euphoria-Greed (above 0.75). The 2017 and 2021 cycle tops both saw NUPL above 0.75. The 2018 and 2022 bear market bottoms saw NUPL negative. A reading in the Optimism zone (0.25–0.5) represents a healthy bull market that is not yet overheated.
NVT Ratio (Network Value to Transactions)
Often described as the “P/E ratio of Bitcoin.” NVT divides Bitcoin’s market cap by the daily USD value of transactions on the blockchain. When the ratio is high, the market is pricing Bitcoin richly relative to its actual usage and transaction volume — historically a sign of overvaluation. When the ratio is low, transaction activity is high relative to market cap — historically a sign of undervaluation or healthy network utilization. NVT Signal uses a smoothed version of transaction volume to reduce noise. Created by Willy Woo. Full explainer: Bitcoin NVT Ratio Explained.
Pi Cycle Top
An indicator that has called every Bitcoin cycle top to within three days — with zero false signals in its history. It triggers when Bitcoin’s 111-day moving average crosses above the 350-day moving average multiplied by two. The crossing of these two lines has coincided with every major market top since 2013. When the two lines are far apart, no top signal is present. When they begin converging, it’s worth watching closely. It is purely a top indicator — it gives no signal about bottoms. Check it free at Bitcoin Magazine Pro.
Puell Multiple
Measures daily miner revenue in USD divided by the 365-day moving average of daily miner revenue. When the Puell Multiple is high (above 4.0), miners are earning far above their historical average — a sign of late-cycle overheating. When it is low (below 0.5), miners are under significant revenue stress and may be capitulating — historically a signal of deep bear market conditions and strong long-term value. Every major cycle top has seen the Puell Multiple above 4.0, and every major bottom has seen it below 0.5. Available free at Bitcoin Magazine Pro.
Realized Cap
An alternative to market cap that values each Bitcoin at the price it last moved on the blockchain, rather than the current market price. While market cap multiplies every coin by today’s price (including coins lost or dormant for years), realized cap only counts what holders actually paid. This makes it a more stable, less volatile measure of Bitcoin’s economic value. Realized cap rising means new capital is genuinely entering the network. Realized cap falling means the aggregate cost basis of holders is declining — typically only occurs in sustained bear markets.
Realized Cap HODL Waves
A visualization that splits the realized cap into age bands — showing what percentage of Bitcoin’s total realized value is held by coins of different ages (1 day to 1 week, 1 week to 1 month, 1–3 months, 3–6 months, 6–12 months, 1–2 years, 2–3 years, 3–5 years, and 5+ years). When younger age bands dominate (meaning recently purchased coins hold most of the economic value), it signals a bull market with active new buying. When older age bands dominate, it signals accumulation and long-term conviction. The transition between the two has historically marked the beginning and end of bull markets.
Realized Price
The realized cap divided by the total Bitcoin supply — producing the average price at which every Bitcoin last changed hands. Think of it as the true aggregate cost basis of all Bitcoin holders. When market price is above the realized price, the average holder is profitable. When market price falls below the realized price for an extended period, the average holder is at a loss — historically associated with the deepest bear market capitulation. Bitcoin’s realized price currently sits at approximately $55,019, meaning market price (~$67K) is trading about 22% above the network’s aggregate cost basis. We track this weekly in the Onchain Pulse. Full explainer: What Is Bitcoin Realized Price?
Reserve Risk
A metric that measures the confidence of long-term holders relative to Bitcoin’s current price. When Bitcoin’s price is high and long-term holders are still not selling — despite being in significant profit — Reserve Risk is low, indicating high conviction. When price is high and long-term holders are distributing, Reserve Risk rises. Historically, Reserve Risk entering a red zone has coincided with cycle tops. A very low Reserve Risk reading (green zone) during a bear market indicates strong HODLer conviction and has historically preceded significant recoveries.
RHODL Ratio
The Realized HODL Ratio compares the realized value held by very recent buyers (coins 1 week old or less) to the realized value held by very old holders (coins 1–2 years old). When recent buyers hold a disproportionately large share of realized value — meaning a lot of new money just entered at high prices — the RHODL Ratio spikes. Historical cycle tops have all seen extreme RHODL spikes, as waves of new retail buyers entered at peak prices. Low RHODL readings indicate that the market is dominated by long-term, conviction holders rather than recent entrants.
Short-Term Holder (STH)
Any Bitcoin address that has held its coins for fewer than 155 days. Short-term holders are considered the “fast money” cohort — more reactive to price movements, more likely to sell during corrections, and more likely to chase momentum during rallies. Their aggregate behavior drives short-term price dynamics. The 155-day threshold was identified statistically as the point at which holder behavior shifts meaningfully — beyond 155 days, holders demonstrate significantly stronger conviction and rarely sell during corrections.
Long-Term Holder (LTH)
Any Bitcoin address that has held its coins for more than 155 days. Long-term holders are the bedrock of Bitcoin’s holder base — their supply rarely moves regardless of short-term price action. LTH supply at or near all-time highs is a bullish signal: it means the most committed holders are not distributing. LTH supply declining significantly is a warning sign that even conviction holders are selling into strength — a pattern historically associated with late-cycle distribution.
SOPR (Spent Output Profit Ratio)
Measures whether Bitcoin moving on the blockchain right now is being sold at a profit or a loss. Above 1.0 means coins are changing hands at a profit on average. Below 1.0 means coins are changing hands at a loss. The 1.0 level acts as a key pivot: in bull markets it serves as support (dips to 1.0 bounce back), and in bear markets it acts as resistance (bounces to 1.0 get sold). Read our full breakdown: STH-SOPR Explained.
STH Cost Basis
The average price at which the current cohort of short-term holders (coins held less than 155 days) acquired their Bitcoin. When market price is above STH cost basis, recent buyers are profitable — a sign of healthy market conditions. When market price falls below STH cost basis, recent buyers are underwater — a condition that creates selling pressure as holders face the choice between realizing losses or continuing to hold. STH cost basis is one of the key near-term support and resistance levels tracked by onchain analysts. You can view it free at Bitcoin Magazine Pro.
LTH Cost Basis
The average price at which long-term holders (coins held more than 155 days) acquired their Bitcoin. Because long-term holders have typically accumulated through multiple market cycles, their cost basis is usually well below the current market price. When market price approaches or falls below LTH cost basis, it means even the most patient, experienced holders are approaching their breakeven — a rare event that has historically marked the absolute bottom of Bitcoin bear markets.
Thermocap
The cumulative USD value of all block rewards ever paid to Bitcoin miners since the genesis block in 2009. It represents the total real-world capital paid to secure the Bitcoin network over its entire history. Unlike market cap (which fluctuates with speculation), Thermocap grows slowly and steadily as a function of actual mining activity. The Thermocap Multiple (market cap ÷ Thermocap) is the actionable derivative: above 25x has historically signaled cycle tops, below 10x has historically signaled strong value. Read our full breakdown: Thermocap Explained.
This glossary is a living document. As we publish full explainers for each metric on Onchain Decoded, we’ll link them here. If there’s a metric you’d like us to add or cover in more depth, leave a comment below or reach out on X @OnchainDecoded.
New to onchain analysis and not sure where to start? The Beginner’s Onchain Analysis Tutorial walks through a complete weekly routine using only free tools. The 10 Best Free Bitcoin Onchain Analysis Tools covers every platform referenced above. The 7 Onchain Indicators That Signal Bitcoin Cycle Tops shows how these metrics combine into a framework for managing cycle risk. And the Bitcoin Accumulation Zones guide shows how to read the confluence when multiple metrics align. The Onchain Pulse drops every Monday with a plain-English breakdown of the five metrics that matter most right now. Subscribe below.
Sources
- Bitcoin Magazine Pro — Free Bitcoin Onchain Charts
- Checkonchain — Bitcoin Onchain Analytics Suite
- CryptoQuant — Bitcoin Onchain Data Platform
- Glassnode — Onchain Market Intelligence
- Bitbo — Free Bitcoin Dashboard and Charts
- Coin Metrics — Bitcoin Onchain Indicators Primer
This glossary is for educational purposes only and does not constitute financial advice.
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Disclaimer
The information provided in this article is for informational and educational purposes only and should not be construed as financial, investment, or trading advice. Onchain News does not provide recommendations to buy, sell, or hold any asset, and nothing here should be taken as a guarantee of future performance. Always conduct your own research and consult a qualified financial professional before making any investment decisions. Cryptocurrency markets are volatile and you are responsible for your own risk.
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