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Valuation metrics
What is MVRV (Market Value to Realized Value)?
MVRV is an asset’s market capitalization divided by its realized capitalization. It shows whether the market price is above (MVRV > 1, aggregate profit) or below (MVRV < 1, aggregate loss) the average price at which all coins last moved. → MVRV Ratio guideWhat is the MVRV Z-Score?
The MVRV Z-Score standardizes MVRV by how many standard deviations it sits from its historical mean. It is used to detect cycle tops (extreme high) and bottoms (extreme low). → MVRV Z-ScoreWhat is Realized Price?
Realized Price is realized capitalization divided by circulating supply — the average cost basis of the entire market. It often acts as support in bull markets and resistance in bear markets. → Realized Price guideWhat is NUPL (Net Unrealized Profit/Loss)?
NUPL measures the total paper profit or loss of all coins as a share of market cap:(Market Cap − Realized Cap) / Market Cap. Positive means the market is in net unrealized
profit; negative means net unrealized loss. → NUPL guide
Spending behavior (UTXO) metrics
What is SOPR (Spent Output Profit Ratio)?
SOPR is the realized profit ratio of coins moved on-chain — the value of spent outputs at the time of spending divided by their value when created. SOPR > 1 means coins are moving in profit; SOPR < 1 means in loss; SOPR = 1 is the break-even level that often acts as support/resistance. → SOPR guideWhat is CDD (Coin Days Destroyed)?
CDD weights each transaction by how long the coins had been dormant (coins × days held), surfacing the activity of long-term holders. A spike signals that old, “strong” hands are moving. → CDD guideWhat is Mean Coin Age (MCA)?
Mean Coin Age is the average dormancy of the circulating supply, weighted by coin-days. A rising MCA indicates accumulation/holding; a falling MCA indicates distribution/spending. → Mean Coin Age guideWhat are UTXO Age Bands?
UTXO Age Bands group all unspent outputs by how long ago they last moved, separating long-term-holder supply from short-term-trader supply. → UTXO Bands (Age)Exchange flow metrics
What is Exchange Reserve?
Exchange Reserve is the total amount of a coin held in known exchange wallets. A falling reserve suggests coins moving to self-custody (typically accumulation); a rising reserve suggests potential selling pressure. → Exchange Reserve guideWhat are Exchange Inflow, Outflow, and Netflow?
Inflow is coins sent to exchanges, outflow is coins sent from exchanges, and netflow is inflow minus outflow. Large inflows can signal sell intent; large outflows can signal accumulation. → Inflow/Outflow/Netflow guideWhat is the Exchange Whale Ratio?
The Exchange Whale Ratio is the share of the top-10 largest inflow transactions in total exchange inflow. A high ratio indicates whales are dominating exchange deposits, often a sign of incoming volatility. → Exchange Whale Ratio guideWhat is the Fund Flow Ratio?
The Fund Flow Ratio is the share of on-chain transaction volume that involves exchanges, showing how much network activity is exchange-related. → Fund Flow Ratio guideNetwork valuation metrics
What is the NVT Ratio?
NVT (Network Value to Transactions) is market capitalization divided by on-chain transacted volume — a “price-to-earnings” analogue for blockchains. A high NVT can indicate overvaluation relative to network usage. → NVT Ratio guideWhat is the Puell Multiple?
The Puell Multiple is daily coin issuance value (USD) divided by its 365-day moving average. It measures miner revenue relative to its yearly norm, marking cycle extremes. → Puell Multiple guideWhat is the Stock-to-Flow (S2F) Ratio?
Stock-to-Flow is circulating supply divided by newly issued supply, quantifying scarcity. A higher S2F means new supply is small relative to existing supply. → Stock-to-Flow guideDerivatives & market metrics
What is Open Interest?
Open Interest is the total value of outstanding derivatives contracts (futures/perpetuals) that have not been settled. Rising OI means new money/leverage entering the market. → Open Interest guideWhat is the Funding Rate?
The Funding Rate is the periodic payment exchanged between long and short perpetual-futures holders. Positive funding means longs pay shorts (bullish leaning); negative means shorts pay longs. → Funding Rate guideWhat is the Estimated Leverage Ratio (ELR)?
ELR is exchange open interest divided by exchange reserve — an estimate of how much leverage traders are taking per unit of coin held on the exchange. → Estimated Leverage Ratio guideWhat is the Taker Buy/Sell Volume Ratio?
This ratio compares aggressive market-buy volume to aggressive market-sell volume from takers, indicating short-term directional pressure. → Taker Buy/Sell guideMiner metrics
What is the Miners’ Position Index (MPI)?
MPI is the USD value of total miner outflow divided by its 365-day moving average. A high MPI indicates miners are selling more than usual. → MPI guideWhat is Miner Outflow?
Miner Outflow is the total amount of coins sent from miner wallets, used to track miner selling behavior. → Miner Outflow guideFund & premium metrics
What is the Coinbase Premium?
The Coinbase Premium is the price gap between Coinbase Pro (USD pair) and Binance (USDT pair). A positive premium suggests stronger U.S. institutional buying. → Coinbase Premium guideWhat is the Korea Premium Index (Kimchi Premium)?
The Korea Premium Index is the percent difference between prices on Korean exchanges and other exchanges, reflecting regional demand. → Korea Premium guideBrowse every metric with parameters and response fields
See the full Metric Catalog for endpoints, parameters, and response schemas.