Bitcoin On-Chain Hub | The Markets Unplugged

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Bitcoin On-Chain Hub

Metrics built from blockchain data — explained clearly so you can read what is happening beneath the price, not just follow it.

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30+ guides
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Key points
On-chain indicators are metrics built from blockchain activity — designed to explain behaviour beneath price, not predict it.
They are most useful for understanding cost basis, profit and loss pressure, holder behaviour, liquidity conditions and demand sources.
On-chain works best as context and confirmation — not as a single signal that tells you what to do.
Start with the question you are trying to answer, then pick the indicator category that matches it.
Cross-check at least two related guides before forming a view — different metrics measure different parts of the system.
Weekly reads are usually more useful than reacting to day-to-day noise. This hub is updated as new guides go live.
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Valuation & Cycle Regime Profit, Loss & Spending Holder Behaviour & Supply Flows, Venues & Demand Cohorts & Whales Market Regime
Quick picker
Start with the question you are trying to answer
Is Bitcoin overheated or undervalued?Valuation & Cycle Regime
Are holders taking profit or capitulating?Profit, Loss & Spending
Is supply tightening or releasing?Holder Behaviour & Supply
Is demand coming from exchanges, miners or ETFs?Flows, Venues & Demand
Who is buying — shrimps to whales?Cohorts & Whales
Is this a bear market style environment?Market Regime
Valuation & Cycle Regime
Is Bitcoin cheap, expensive, or shifting regime?
Use these when trying to judge whether Bitcoin is cheap or expensive relative to its own history, and whether the market is shifting into a different cycle phase.
Puell Multiple — Reading Miner Revenue For Bitcoin Tops And Bottoms Reserve Risk And HODL Bank — Holder Confidence Versus Price MVRV Ratio Explained — What It Is And How To Use It MVRV Z Score — A Beginners Guide To Risk Bands NUPL — Net Unrealised Profit Loss Cycle Phases And Practical Reads Realised Price Bands — Market, LTH And STH Cost Basis Explained Realised Cap — Why Realised Cap Beats Market Cap For Signal URPD — UTXO Realised Price Distribution, Where Cost Basis Sits Mayer Multiple Bands — 200 Day Guide For Entries And Risk
AHR999 Indicator And Its Valuation BandsComing soon
Pi Cycle Top — 111 And 350 DMA Cross What It Really SignalsComing soon
CBBI Composite Bitcoin Bullish Index — Components, Zones And SignalsComing soon
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Profit, Loss & Spending Behaviour
Are holders taking profit, capitulating or holding steady?
Use these when trying to track profit taking, capitulation zones, and spending pressure — particularly useful around key price levels.
SOPR — Spent Output Profit Ratio, How To Read Bitcoin Profit And Loss Flows Realised Profit And Loss — What Capitulation And Euphoria Actually Look Like Realised PnL Ratio — Using Profit Loss Balance As A Timing Filter
Coin Days Destroyed, Dormancy Flow And VDD Multiple — What Spending Age SaysComing soon
Bitcoin ASOL And MSOL — Spot Old Coin Moves With ConfidenceComing soon
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Holder Behaviour & Supply Dynamics
Is supply tightening through accumulation or releasing through distribution?
Use these when trying to understand accumulation and distribution, and how supply behaviour changes across different phases of the cycle.
HODL Waves And RHODL Waves — Visualising Age Band Rotation RHODL Ratio — Age Band Pressure And Why It Matters This Cycle Bitcoin Liveliness — Is The Network Saving Or Spending? HODLer Net Position Change — Who Is Accumulating, Who Is Distributing
Bitcoin Supply Last Active 1–3 Years — Reading Dormant Supply PressureComing soon
Which Bitcoin Cohort Carries The Risk — LTH vs STHComing soon
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Flows, Venues & External Demand
Where is demand coming from — exchanges, miners or ETFs?
Use these when tracking liquidity, exchange behaviour, miner flows and ETF-driven demand — particularly useful for understanding whether external capital is entering or exiting.
Bitcoin Exchange Reserves And Netflows — Spot Liquidity And StressComing soon
Bitcoin Exchange Netflows Daily vs Weekly — Separate Noise From SignalComing soon
Bitcoin Miner Balance And Miner To Exchange Flow — Issuance Pressure Or CalmComing soon
Bitcoin ETF Netflows vs On-Chain Flows — Reconciling External Demand With Holder DataComing soon
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Cohorts & Whales
Which wallet sizes are accumulating or distributing?
Use these when you want to see which wallet cohorts — from shrimps to whales — are adding or reducing exposure at different cycle stages.
Which Bitcoin Cohorts Are Buying — Address Distribution From Shrimps To Whales
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Market Regime
On-chain context for bear conditions and recovery phases
Use these when you want on-chain confirmation of bear market conditions — or signals that a recovery phase may be developing.
Bitcoin Bear Market On-Chain Signals — When Bottoms Are Close
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Mini FAQs
What is the best Bitcoin on-chain indicator for beginners?
Start with realised price bands, MVRV and SOPR. They map cost basis, risk and profit taking in a simple three-step workflow that covers most of what you need to form a view.
Do Bitcoin on-chain indicators predict price?
No. They explain behaviour and risk conditions. Price can still move first, and on-chain often confirms later. Use them for context, not as a trading signal.
How often should Bitcoin on-chain metrics be checked?
Weekly is usually enough for most people. Daily checks often add noise without improving judgement — save that for event weeks.
Why do multiple Bitcoin on-chain indicators sometimes disagree?
They measure different parts of the system. Spending, holding, liquidity and cost basis can point in different directions at the same time — which is why cross-checking matters.
Are ETF flows more important than Bitcoin on-chain flows now?
ETF flows capture external demand. On-chain flows still matter because they show whether existing holders are distributing into that demand or holding through it.
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