> ## 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.

# Crypto Indicators (Bitcoin)

> On-chain, technical, and consensus indicators behind the Alpha Library Bitcoin heatmap, each mapped to the API endpoint or formula that produces it.

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** — analyst sentiment served by a third party (`unbias.fyi`), billed separately.

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:

```text theme={null}
https://api.cryptoquant.com
```

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

<Note>
  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.
</Note>

## 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 `unbias.fyi`, a **separate API from CryptoQuant** with its own key and billing.

| Indicator               | Endpoint                                            | Fields                      | What it measures                                                                     | How to use                                                                                |
| ----------------------- | --------------------------------------------------- | --------------------------- | ------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------- |
| Analyst Consensus Index | `GET https://unbias.fyi/api/v1/consensus?asset=BTC` | `raw_index`, `index_30d_ma` | Net analyst sentiment (−100 bearish … +100 bullish) aggregated from crypto analysts. | Read contrarian: crowded bullishness = top risk; capitulation in sentiment = opportunity. |

<Note>
  The Analyst Consensus Index is provided by [unbias.fyi](https://unbias.fyi) — see
  [unbias.fyi/docs/api](https://unbias.fyi/docs/api) for its API key and pricing. It is not part of
  the CryptoQuant API.
</Note>

## Metadata catalog

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

```bash theme={null}
curl -X GET "https://alpha.cryptoquant.com/api/indicators"
```

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