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What it measures

Fair value modeled from Metcalfe’s Law as A × active addresses², where the coefficient A is calibrated from the historical relationship between market cap and active addresses² (i.e. A ≈ market cap ÷ active addresses²). Different A-coefficients produce a family of upper/lower valuation bands.

How to interpret it

Central Metcalfe Price = network-activity-based fair value. Higher A bands (3x, 2x) = upper valuation limits historically acting as resistance in bull markets. Lower A bands (0.5, 0.25, 0.1, 0.04) = lower support/fair value range. Bands themselves move with network activity levels.

Key thresholds

Red band (higher A): price resistance in bull markets, short-term rally targets; A=2x band: key support/resistance (~$91K in Nov 2025); Blue band (lower A): lower fair value support; Price between red and blue bands since Feb 2024 = “fair value range”

How to use it

Assess whether price is fundamentally supported by user activity. Price above red band = overvalued vs. network usage. Price bouncing off blue band = fundamental support. Watch bands shift downward when network activity (e.g. OP_RETURN, transactions) declines.

Run this metric in CryptoQuant Analytics

Authorizations

Authorization
string
header
default:Bearer <YOUR_API_KEY>
required

For each API request, include the Authorization HTTP header with Bearer <YOUR_API_KEY>.

Query Parameters

window
string
default:day

Time interval for aggregation.

from
string

Starting time, formatted as YYYYMMDDTHHMMSS (UTC). If window=day, YYYYMMDD is also accepted.

to
string

Ending time, formatted as YYYYMMDDTHHMMSS (UTC). If window=day, YYYYMMDD is also accepted.

limit
integer
default:100

Maximum number of data rows to return. Ranges from 1 to 10,000.

Required range: 1 <= x <= 10000

Response

200 - application/json

Bitcoin price valuation

status
object
required

Returned with every response; indicates whether the request was successful.

Example:
result
object
required