Metric catalogue

Price models

What is one bitcoin worth, measured by what people paid rather than what it trades for?

• Bitcoin price what one bitcoin trades for
• Realized price the average price coins last moved at
• True market mean what coins that actually trade cost their owners
• Cointime price a floor built from how long coins sat still
• Transferred price the time-weighted average price coins moved at
• Balanced price a floor that has caught every cycle bottom
• Delta price another long-run floor model
• CVDD Willy Woo's cumulative value-days-destroyed floor

Market value and cost basis

How much money is in bitcoin, and how much did it cost to get there?

• Market cap every coin valued at today's price
• Realized cap what the market actually paid, in total
• Investor cap cost basis excluding coins bought from miners
• Thermocap everything miners have ever been paid, at the price of the day
• Thermocap, subsidy only the other reading of thermocap, without fees
• Active cap market cap of the coins that are economically awake
• Cointime cap cointime price applied to the whole supply
• Average cap the long-run mean of market cap
• Delta cap cost basis minus the long-run average value

Am I in profit

Is the market above or below what holders paid for their coins?

• MVRV price against what holders paid
• MVRV Z-score how unusual today's gap is by the market's own standards
• NUPL how much of the market value is unrealised profit
• Market cap to thermocap market value against everything miners were ever paid
• Supply in profit the share of all coins worth more than they cost
• Outputs in profit the share of unspent outputs worth more than they cost

Are holders selling at a profit

Are the coins moving right now being sold at a gain or a loss?

• SOPR are spent coins moving at a gain or a loss
• Adjusted SOPR SOPR with same-day shuffling removed
• Short-term holder SOPR are recent buyers selling at a gain or a loss
• Long-term holder SOPR are patient holders selling at a large multiple
• Realized profit / loss ratio how much profit is taken for every euro of loss

Profit and loss, in money

How much profit and loss is actually being taken, in euro?

• Realized profit / loss ratio how much profit is taken for every euro of loss
• Realized profit money actually taken off the table in gains
• Realized loss money actually crystallised as losses
• Net realized profit/loss profit minus loss, in money
• Unrealized profit paper gains not yet sold
• Unrealized loss paper losses not yet crystallised

How many coins are above water

How much of the supply, and how many outputs, are worth more than they cost?

• Supply in profit the share of all coins worth more than they cost
• Outputs in profit the share of unspent outputs worth more than they cost
• Supply in profit bitcoin worth more than it cost
• Supply in loss bitcoin worth less than it cost
• Outputs in profit unspent outputs worth more than they cost
• Outputs in loss unspent outputs worth less than they cost

Cycle position

Where in the cycle are we, on the fifteen indicators the dashboard ranks?

• MVRV price against what holders paid
• MVRV Z-score how unusual today's gap is by the market's own standards
• AVIV the cointime-adjusted MVRV, centred on 1
• Cointime MVRV how far price is above the cointime floor
• Supply in profit the share of all coins worth more than they cost
• SOPR are spent coins moving at a gain or a loss
• Long-term holder SOPR are patient holders selling at a large multiple
• Realized profit / loss ratio how much profit is taken for every euro of loss
• Price vs all-time high how close the price is to its record
• Mayer multiple price against its 200-day average
• Puell multiple miner income against its own yearly average
• Coin-days destroyed how much dormant time was spent
• Dormancy the average age of the coins being spent
• Dormancy flow market value against the value of dormant time spent
• Supply untouched for over a year the 1y+ HODL wave

Cycle timing

Is this cycle early or late on the clock, rather than on valuation?

• 111-day mean price the fast half of the Pi Cycle top signal
• 2 x 350-day mean price the slow half of the Pi Cycle top signal
• Price vs all-time high how close the price is to its record
• Mayer multiple price against its 200-day average
• Pi Cycle ratio distance to the Pi Cycle top signal
• RHODL ratio young money against year-old money
• Reserve risk price against the conviction of long-term holders
• Puell multiple miner income against its own yearly average
• Blocks since the halving where we are in the four-year issuance clock

Are old coins moving

Are coins that sat still for years waking up and changing hands?

• Reserve risk price against the conviction of long-term holders
• Coin-days destroyed how much dormant time was spent
• Coin-days destroyed per coin dormant time spent, scaled to the size of the supply
• Dormancy the average age of the coins being spent
• Dormancy flow market value against the value of dormant time spent
• Liveliness the share of bitcoin's holding time that has been spent
• SLRV young coins moving against year-old coins moving
• Long-term holder spent volume bitcoin moved after sitting more than five months

Supply by age

How long has each bitcoin been sitting still? (HODL waves)

• Supply aged under 1 day bitcoin that has sat still less than a day
• Supply aged 1 day to 1 week bitcoin that has sat still between a day and a week
• Supply aged 1 week to 1 month bitcoin that has sat still between a week and a month
• Supply aged 1 to 3 months bitcoin that has sat still between one and three months
• Supply aged 3 to 6 months bitcoin that has sat still between three and six months
• Supply aged 6 to 12 months bitcoin that has sat still between six months and a year
• Supply aged 1 to 2 years bitcoin that has sat still between one and two years
• Supply aged 2 to 3 years bitcoin that has sat still between two and three years
• Supply aged 3 to 5 years bitcoin that has sat still between three and five years
• Supply aged 5 to 7 years bitcoin that has sat still between five and seven years
• Supply aged 7 to 10 years bitcoin that has sat still between seven and ten years
• Supply aged over 10 years bitcoin that has sat still more than ten years

Long-term and short-term holders

What are the patient holders doing, against the recent buyers?

• Short-term holder SOPR are recent buyers selling at a gain or a loss
• Long-term holder SOPR are patient holders selling at a large multiple
• Long-term holder spent volume bitcoin moved after sitting more than five months
• Long-term holder supply bitcoin untouched for over five months
• Short-term holder supply bitcoin that has moved recently
• Long-term holder share of supply the share of all bitcoin held over five months
• Long-term holder cost basis what coins held over five months cost their owners
• Cost basis of coins older than a year what year-old coins cost their owners
• Long-term holders' share of cost basis how much of the money in bitcoin belongs to patient holders
• Supply untouched for over a year the 1y+ HODL wave

Coin-days destroyed by age

When old coins move, how old were they?

• Coin-days destroyed, coins aged under 1 day dormant time given up by coins held less than a day
• Coin-days destroyed, coins aged 1 day to 1 week dormant time given up by coins held between a day and a week
• Coin-days destroyed, coins aged 1 week to 1 month dormant time given up by coins held between a week and a month

Spent volume by age

How many bitcoin moved today, split by how long they had been sitting?

• Spent volume, coins aged under 1 day bitcoin moved after sitting less than a day
• Spent volume, coins aged 1 day to 1 week bitcoin moved after sitting between a day and a week
• Spent volume, coins aged 1 week to 1 month bitcoin moved after sitting between a week and a month
• Spent volume, coins aged 1 to 3 months bitcoin moved after sitting between one and three months
• Spent volume, coins aged 3 to 6 months bitcoin moved after sitting between three and six months
• Spent volume, coins aged 6 to 12 months bitcoin moved after sitting between six months and a year
• Spent volume, coins aged 1 to 2 years bitcoin moved after sitting between one and two years
• Spent volume, coins aged 2 to 3 years bitcoin moved after sitting between two and three years
• Spent volume, coins aged 3 to 5 years bitcoin moved after sitting between three and five years
• Spent volume, coins aged 5 to 7 years bitcoin moved after sitting between five and seven years
• Spent volume, coins aged 7 to 10 years bitcoin moved after sitting between seven and ten years
• Spent volume, coins aged over 10 years bitcoin moved after sitting more than ten years

Cointime

How much of bitcoin is economically awake, and how much is vaulted?

• Liveliness the share of bitcoin's holding time that has been spent
• Vaultedness the share of holding time still stored in unmoved coins
• Activity-to-vaulting ratio spent holding time against stored
• Active supply the bitcoin that is economically awake
• Vaulted supply the bitcoin that is not participating
• Vaulting rate how fast coins are being locked away
• Cointime-adjusted inflation how much new supply really dilutes the tradeable float
• Cointime-adjusted stock-to-flow stock-to-flow measured against the tradeable float
• Cointime-adjusted inflation (ARK version) the published formula, kept for comparison
• Cointime-adjusted stock-to-flow (ARK version) the reciprocal of the published inflation formula

Cointime price models

What is bitcoin worth once you weight coins by how long they sat still?

• Bitcoin price what one bitcoin trades for
• True market mean what coins that actually trade cost their owners
• Active realized price cost basis with dormant and lost coins stripped out
• Vaulted realized price cost basis measured against the hoard
• Cointime price a floor built from how long coins sat still
• Cointime price (coinblocks basis) the paper's verbatim version of the same floor
• Investor cap cost basis excluding coins bought from miners
• Active cap market cap of the coins that are economically awake
• Cointime cap cointime price applied to the whole supply
• Cointime NVT market value against the value of holding time spent

Cointime valuation ratios

How far is the price above the cointime cost bases? (peaks, lows and the centred one)

• AVIV the cointime-adjusted MVRV, centred on 1
• Price / true market mean price against what circulating coins cost their owners
• Active MVRV profit multiple on the coins that trade
• Vaulted MVRV profit multiple against the hoard
• Cointime MVRV how far price is above the cointime floor

Cointime accounting

The raw coin-time ledger: how much time is created, destroyed and stored each block?

• Coin-days destroyed how much dormant time was spent
• Coin-days destroyed per coin dormant time spent, scaled to the size of the supply
• Coin-days created holding time earned by the whole supply
• Cumulative coin-days created all holding time ever earned
• Cumulative coin-days destroyed all holding time ever given up

Supply and issuance

How many coins exist, and how fast are new ones being minted?

• Blocks since the halving where we are in the four-year issuance clock
• Circulating supply how many bitcoin exist
• Circulating supply excluding provable burns supply with unspendable coins removed
• Provably burned supply bitcoin sent somewhere it can never leave
• Issuance new bitcoin minted in this block
• Subsidy per the halving schedule what the rules allowed the miner to claim
• Inflation rate how fast the supply is growing
• Inflation rate (instantaneous) this block's issuance, annualised
• Stock-to-flow years of current issuance to reproduce the supply

What blockspace cost

What did it cost to get a transaction into a block?

• Marginal clearing price what the cheapest, middle and dearest blockspace in a block cost
• Median feerate the middle price of blockspace in a block
• Mean feerate total fee divided by total size
• Minimum feerate in block the cheapest thing that got in
• Maximum feerate in block the dearest thing that got in
• Fees paid in block what users paid to get into this block

Mining and miner revenue

What are miners paid, and how hard is it to earn it?

• Thermocap everything miners have ever been paid, at the price of the day
• Thermocap, subsidy only the other reading of thermocap, without fees
• Market cap to thermocap market value against everything miners were ever paid
• Puell multiple miner income against its own yearly average
• Issuance new bitcoin minted in this block
• Miner revenue everything the miner earned in this block
• Fees paid in block what users paid to get into this block
• Cumulative fees ever paid every fee ever paid, added up
• Fee share of miner revenue how much of mining income comes from users rather than issuance
• Difficulty how hard it is to find a block

How full are blocks

How much blockspace is being used, and what shape is it?

• Block size how many bytes the block took up
• Block weight the measure blocks are actually limited by
• Block fill how much of the block limit was used
• Witness bytes bytes spent on signatures and scripts
• Witness share of block weight how much of the weight budget went on witnesses
• Witness share of block size how much of the block's bytes were witnesses
• Weight discount how much cheaper the block got from SegWit
• SegWit share of transactions how many transactions use SegWit
• SegWit share of block weight how much of the block SegWit transactions took
• Transactions in block how many transactions the block carried

What blockspace was used for

Which kinds of transaction bought the blockspace, and paid for it?

• Inscription share of block weight images and text written into witness data
• Inscription share of block fees what share of the block's fee income inscriptions paid
• Runestone share of block weight the Runes token protocol's OP_RETURN messages
• Runestone share of block fees what share of the block's fee income runestones paid
• Consolidation share of block weight sweeping many small outputs into one
• Consolidation share of block fees what share of the block's fee income consolidations paid
• Batch-payout share of block weight one transaction paying many people
• Batch-payout share of block fees what share of the block's fee income batch payouts paid
• CoinJoin-shaped share of block weight transactions with the fingerprint of a privacy join
• CoinJoin-shaped share of block fees what share of the block's fee income CoinJoin-shaped transactions paid

Data on the chain

How much of the chain is data rather than money?

• Provably burned supply bitcoin sent somewhere it can never leave
• OP_RETURN outputs outputs that carry data instead of money
• Transactions with an OP_RETURN transactions that write data into the chain
• OP_RETURN payload bytes how many bytes of pure data the block carried
• Inscriptions how many inscriptions were revealed
• Inscription reveal transactions transactions that revealed an inscription
• Inscription body bytes how many bytes of inscription content the block carried
• Runestone transactions transactions carrying a Runes message
• Cumulative data-carrier outputs unspendable outputs that will sit in the chain forever

Network activity

How much is the network actually being used?

• Transactions in block how many transactions the block carried
• Outputs spent chunks of bitcoin consumed in this block
• Outputs created new chunks of bitcoin made in this block
• UTXO set size how many spendable chunks of bitcoin exist
• All unspent outputs including unspendable the output count without the data-carrier exclusion
• UTXO set change whether the set grew or shrank this block
• Spent output volume how much bitcoin moved
• Non-coinbase output value value created by ordinary transactions
• Raw output value value created including the coinbase

Data quality

How trustworthy is the number you are looking at?

• Subsidy per the halving schedule what the rules allowed the miner to claim
• All unspent outputs including unspendable the output count without the data-carrier exclusion
• USD price quality at this block how good the price behind this block is
• Which EUR series this block used real euro book, or dollars converted
• Realized cap priced off a degraded quote how much of the cost basis rests on a weak price
• Supply with no cost basis coins mined before a price existed
• Supply with no cost basis (share) what fraction of supply has no known cost
• Live output value supply recomputed from the UTXO set