> ## Documentation Index > Fetch the complete documentation index at: https://docs.cryptoquant.com/llms.txt > Use this file to discover all available pages before exploring further. # On-Chain Metrics Glossary > Plain-language definitions of every key CryptoQuant metric — MVRV, SOPR, NVT, CDD, exchange reserve, netflow, funding rate, NUPL, and more — with formulas and links to full guides. A quick-reference glossary of the on-chain and market metrics available through the CryptoQuant API. Each entry gives a one-line definition, the formula where relevant, and a link to the full guide. For machine-readable definitions of every endpoint, see [`/catalog/catalog.json`](/catalog/catalog.json). ## 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 guide](/data-guide/market/mvrv-ratio) ### What 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-Score](/v2/community/bitcoin-mvrv-z-score) ### What 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 guide](/data-guide/market/realized-price) ### What 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](/data-guide/utxo/net-unrealized-profit-and-loss-nupl) ## 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 guide](/data-guide/utxo/spent-output-profit-ratio-sopr) ### What 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 guide](/data-guide/utxo/coin-days-destroyed-cdd) ### What 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 guide](/data-guide/utxo/mean-coin-age-mca) ### What 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)](/data-guide/utxo/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 guide](/data-guide/exchange/exchange-reserve) ### What 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 guide](/data-guide/exchange/exchange-in-outflow-and-netflow) ### What 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 guide](/data-guide/market/exchange-whale-ratio) ### What 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 guide](/data-guide/exchange/fund-flow-ratio) ## Network 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 guide](/data-guide/network/nvt-ratio) ### What 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 guide](/data-guide/network/puell-multiple) ### What 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 guide](/data-guide/network/stock-to-flow-ratio) ## Derivatives & 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 guide](/data-guide/market/open-interest) ### What 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 guide](/data-guide/market/funding-rates) ### What 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 guide](/data-guide/market/estimated-leverage-ratio) ### What 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 guide](/data-guide/market/taker-buy-sell-volume-ratio) ## Miner 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 guide](/data-guide/miner/miners-position-index) ### What is Miner Outflow? Miner Outflow is the total amount of coins sent from miner wallets, used to track miner selling behavior. → [Miner Outflow guide](/data-guide/miner/miner-outflow) ## Fund & 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 guide](/data-guide/fund-premium/coinbase-premium) ### What 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 guide](/data-guide/fund-premium/korea-premium-index) See the full Metric Catalog for endpoints, parameters, and response schemas.