Crypto Indicators (Bitcoin)

The Alpha Library Bitcoin heatmap is built from three kinds of indicators:

On-chain valuation & demand — served directly by the core CryptoQuant Data API.
Technical — computed in-app from the Bitcoin daily close series (no dedicated endpoint).
Consensus — the Analyst Consensus Index, served by the Alpha Indicator API (alpha.cryptoquant.com) for Premium plan users.

Each row is z-scored over a trailing multi-year window before it is colored on the heatmap (green = bull/buy regime, red = bear/sell regime). The tables below map every indicator to the endpoint or formula that produces its raw input.

Base URL & request shape

On-chain rows are GET requests against the core CryptoQuant Data API:

https://api.cryptoquant.com

curl -X GET "https://api.cryptoquant.com/v2/community/bitcoin-mvrv-z-score?window=day&limit=10000" \
-H "Authorization: Bearer <YOUR_API_KEY>"

On-chain indicator values are paywalled and require a CryptoQuant API key. The Alpha Library itself exposes metadata only — signal values are never returned without authentication.

On-chain indicators

Served by the core CryptoQuant Data API. The heatmap reads the listed response fields.

Indicator	Endpoint	Fields	What it measures	How to use
MVRV Z-Score	`GET /v2/community/bitcoin-mvrv-z-score`	`mvrv_ratio_zscore`	MVRV ratio (market cap ÷ realized cap) standardized as a Z-score from its historical mean.	Crossing below the 365-day MA = bearish; deep negative = undervaluation near bottoms; crossing above the mean = early bull confirmation.
Trader Unrealized Profit (NUPL)	`GET /v2/community/bitcoin-trader-unrealized-profit-margin`	`nupl_1m_3m`	Percent gap between price and the 1–3 month holder cost basis (Trader Realized Price).	Contrarian at extremes: >40% = overheating / correction risk; deeply negative = capitulation may be near.
PnL Index	`GET /v2/community/bitcoin-pnl-index`	`pnl_index`, `pnl_index_365day_ma`	Composite valuation index built from the MVRV ratio, NUPL, and LTH/STH SOPR.	>1 = overvalued, < −1.38 = undervalued; the 365-day MA separates bull from bear regimes.
Bull/Bear Indicator	`GET /v2/community/bitcoin-bull-bear-indicator`	`bull_bear_indicator`	Momentum metric: the difference between the PnL Index and its 365-day moving average.	Above 0 = bull cycle; below 0 and below its 365-day MA = bear cycle.
Apparent Demand (1Y)	`GET /v2/community/bitcoin-apparent-demand`	`apparent_demand`, `apparent_demand_1y`	Net change in BTC inactive for 1+ year, adjusted for block rewards (1-year rolling sum).	Rising = structural accumulation (bullish); negative or below its 365-day MA = distribution / bear.
NVM Ratio	`GET /v2/community/bitcoin-metcalfe-price`	`active_addresses_squared_price_365ma`	Market value vs Metcalfe fair value (active addresses²) — price relative to network activity.	Above fair value = overvalued vs usage; near or below the lower bands = fundamental support.
Realized Net P&L (1Y)	`GET /v2/community/bitcoin-realized-profit-loss`	`yearly_realized_net_profit_btc`	Net profit/loss realized by sellers, as a 1-year rolling sum in BTC.	High = late-cycle profit-taking (top risk); declining peaks = cycle top passed; negative = capitulation near bottoms.
Adjusted SOPR	`GET /v1/btc/market-indicator/sopr`	`a_sopr`	Value of spent coins ÷ their value at acquisition, excluding coins < 1h old. >1 = realized profit.	Sustained >1 = profit-taking / top risk; pullbacks to ~1 act as support in bull markets.
SOPR Ratio (LTH/STH)	`GET /v1/btc/market-indicator/sopr-ratio`	`sopr_ratio`	Long-term holder SOPR ÷ short-term holder SOPR.	High = long-term holders selling into strength (late cycle); low = long-term holders holding.
Thermocap Multiple	`GET /v1/btc/market-data/capitalization`	`market_cap`, `thermo_cap`	Market cap ÷ thermocap (cumulative miner revenue).	High = price stretched vs cumulative security spend → cycle tops; low = undervalued.

Technical indicators

Computed in-app from the Bitcoin daily close (close of GET /v1/btc/market-data/price-ohlcv). They are not served as dedicated endpoints — the formula is shown in place of a path.

Indicator	Formula	What it measures	How to use
Mayer Multiple	`close ÷ SMA(close, 200d)`	Price relative to its 200-day moving average — the classic trend-stretch gauge.	>1 = price above the 200-day MA (bull regime); historically >2.4 = overheated, < 0.8 = deep value.
RSI (Weekly)	`RSI(weekly close, 14)` — Wilder smoothing	14-period RSI on weekly (Sunday UTC) closes, forward-filled to days.	>50 = bullish momentum regime; sustained 70+ = overheated cycle legs; sub-40 prints near bear-market bottoms.
Pi Cycle Top	`SMA(close, 111d) ÷ (2 × SMA(close, 350d))`	Ratio of the 111-day MA to twice the 350-day MA of price.	The ratio reaching 1 (the famous cross) has marked every cycle top within days; rising = late-cycle acceleration.
Bollinger %B (1y)	`(close − lower) ÷ (upper − lower)`, bands = `SMA(close, 365d) ± 2σ`	Position of the close within its 1-year ±2σ Bollinger Bands.	High / >1 = strong bull regime; low / < 0 = deep drawdown; 0.5 = mid-band.

Consensus indicator

Served by the Alpha Indicator API on alpha.cryptoquant.com — available to CryptoQuant Premium plan users with their regular API key.

Indicator	Endpoint	Fields	What it measures	How to use
Analyst Consensus Index	`GET https://alpha.cryptoquant.com/api/consensus/BTC`	`value`, `value_30d_ma`	Net analyst sentiment (−100 bearish … +100 bullish) aggregated daily from tracked crypto analysts.	Read contrarian: crowded bullishness = top risk; capitulation in sentiment = opportunity.

curl -X GET "https://alpha.cryptoquant.com/api/consensus/BTC?limit=30&order=desc" \
-H "Authorization: Bearer <YOUR_API_KEY>"

Full endpoint reference — assets (BTC, ETH, SOL), query parameters, response shape, and field definitions — on the Analyst Consensus Index page. Keys below the Premium plan receive 403 premium_plan_required.

Metadata catalog

The value-free metadata for every Alpha Library indicator (ids, names, meanings, categories) is public:

curl -X GET "https://alpha.cryptoquant.com/api/indicators"

This catalog never returns signal values — it is for discovery, indexing, and agent context only.

​Base URL & request shape

​On-chain indicators

​Technical indicators

​Consensus indicator

​Metadata catalog

Base URL & request shape

On-chain indicators

Technical indicators

Consensus indicator

Metadata catalog