Bitcoin On-Chain Analysis & Charts - Professional BTC Metrics and Market Indicators

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Welcome to checkonchain, a suite of Bitcoin onchain charts to help you navigate the volatility and market cycles.
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Pricing Models ETFs Derivatives Profit/Loss Network Stats Supply Dynamics Mining Metrics Technicals/Volatility



Bitcoin Bitcoin Pricing Models

Simple but powerful pricing models for the Corn! Don't underestimate them.

Onchain Originals

A collection of the OG On-chain pricing models.

Originals! » Key Cost Basis! »
Price » D » W » M »
Topping » Discovery » Drawdown »

Cycle Tops and Bottoms

A tool for assessing when the Bitcoin cycle is overheated and overvalued.

Signal » Oscillators »
Signal V2 » Oscillators V2 »
HODLers Dashboard »

Short-Term Holder Indicators

Track periods when the STH cohort are holding or taking extreme profit or loss.

MVRV » SOPR » P/L » Supply »
Momentum » Bollinger » Cost Basis »
The STH Indicator »


Realized Price and MVRV

The Realised Price and MVRV for tracking cycle extremes.

Metric » Z-Score » Histogram »

STH-MVRV and Cost Basis

The Realised Price and MVRV for Short-Term Holders.

Metric » Z-Score » Histogram »

NUPL by Cohort

Oscillators monitoring the relative Unrealized Profit/Loss held by LTHs and STHs.

NUPL » Cohort » Z-Score » Histogram » AVIV Cointime »


The Mayer Multiple

The classic 200-day moving average strategy for tracking market cycles.

Metric » Hist » Z-Score » Histogram »

Pi Cycle Top Indicator

Tracking cross-overs between the 111DMA and 350DMA x2.

View Chart! »

The Investor Tool

Tracking macro tops and bottoms using the 2yr moving average.

View Chart! »


Yearly Cost Basis Models

Tracking the volume weighted average price by each yearly cohort.

View Chart! »

Bitcoin's Magic Lines

A suite of Bitcoin's most important simple moving averages.

View Chart! »

True Market Mean and AVIV Ratio

Our best estimate of the true market cost basis, leveraging the power of Cointime Economics.

Metric » Hist » Z-Score » Hist Z »


NVT Price Model

Models using transaction volumes to estimate fair value.

View Chart! »

The Euphoria Zone

Pricing Models describing the Euphoric Phase of a Bull Market.

View Chart! »
MVRV » AVIV » STH-MVRV » Mayer »

Long-Term Holder Indicators

Models tracking the behaviour of the Long-Term Holder cohort.

MVRV » SOPR » Z-Score » Momentum » Spending »
Sold 2018+ » Sold 2022+ »


Fibonacci Key Levels

Merging Onchain and technical levels to map out macro market cycles.

Now » 2024-Chop » FTX » 2021 » Mar-20 » 2022 » 2019 »


Inflation Adjusted Price

Analysing the difference between 'what we see' and 'what we feel' in the price chart.

Today » 2010 » 2020 » Drawdown »

RHODL Ratio

Oscillators tracking the balance of wealth held by long-term HODLers vs fast money.

View Chart »



Bitcoin Spot ETF Metrics

Metrics covering the suite of spot Bitcoin ETFs.

ETF AUM Balances

The total assets under management in Bitcoin ETFs.

BTC » USD » Dominance »
🇦🇺Monochrome IBTC »

ETF Daily Net Flows

The aggregate flows in/out of Bitcoin ETFs.

1d BTC » 1d USD » Cumulative »
1w BTC » 1w USD »

ETF Price, Volume, MVRV

The daily trade volume, prices and MVRV Ratio of Bitcoin ETFs.

1d Volume » 1w Volume » MVRV »


ETF Weekly Flows vs Price Performance

A Scatter chart of weekly net ETF flows vs Price Performance.

View Chart! »

Aggregate Market Volume

Comparing the daily BTC trade volume in Futures, Spot, ETFs and Onchain.

Agg Volume » Stacked »

ETF Market Size Comparison

Analysis of the ETF capital flows in and out of Bitcoin.

Market Size » Demand Est »
Cash & Carry »




Bitcoin Derivatives

Metrics detailing the size and scale of futures and options markets.

Funding Rates

The interest rate paid by leveraged traders in futures markets.

View Chart! » FR vs SOPR »
Excess Days » Z-Score »

Futures Open Interest

The aggregate size of open futures contracts.

USD » BTC » Dominance »

Futures Volume

The aggregate daily trade volume in futures markets.

USD » BTC » Dominance »
Binance vs CME »


Term Structure

Curves showing the futures price for calendar expiring contracts.

Prices » Term Struct » Premium »

Liquidations & Deleveraging

Metrics describing points where the market deleverages.

OI 1-day » Liquidations » Dominance »
Lev Ratio [USD] » Lev Ratio [BTC] »

Options Metrics

Open interest, volume, and implied volatility in Options Markets.

Open Interest » OI by Expiry » Volume »
Implied Vol » Vol Smile » Probability »
Put/Call » Sell-side Risk vs Implied Vol »


Spot Volume and CVD

Analysis of spot trading and buy/sell bias.

Spot Volume » CVD [USD] » CVD [BTC] »

Futures Regime Shift

Scatter plot showing the market regime based on open interest and price change.

OI vs Price »

Options OI by Strike

Open interest by contract expiration.

Dbit 1M 1Q 2Q 3Q 4Q 1y+

IBIT 1M 1Q 2Q 3Q 4Q 1y+


Exchange Balances & Flows

Onchain exchange metrics (from TimechainIndex.com).

Exch Balances [BTC] » Exch Balances [USD] »
Exch Flows [BTC] » Exch Flows [USD] »

IBIT Options Analysis

Analysis of IBIT options market.

OI URPD » AUM vs Options OI »
OI by Expiry » Volatility Smile »
OI Dominance » Vol Dominance »

IBIT Advanced Metrics

IBIT greeks, probability cones, and open interest heatmaps.

Probability Cones » Delta »
Gamma » Theta » Vega » Rho »
OI Price » Call Heatmap » Put Heatmap »
Calls 30d » Calls 90d » Puts 30d » Puts 90d »



Bitcoin Strategy₿ Metrics

Metrics analysing the performance of Strategy MSTR and Treasury Companies.

Market Cap and Valuation

The market cap of MSTR compared to Bitcoin Holdings.

Market Cap » Dominance »
AVIV Valuation Model »

Bitcoin Balance & Cost Basis

Accumulated Bitcoin balance, cost basis, and MVRV Ratio.

BTC Balance » Capital Raised »
Supply Profit/Loss » Unrealised PnL »

BTC & Yield per Share

BTC holdings and 'Bitcoin Yield' per MSTR share.


BTC Yield per Share »
BTC 1M» BTC 1Q» USD 1M» USD 1Q»


Price, Volume, and MVRV

Price and daily trade volume of MSTR, plus MVRV derived metrics.

USD » BTC »
MVRV » 155d VWAP »

Realised Volatility

Analysis of the realised volatility of MSTR vs Bitcoin.

MSTR Vol » MSTR vs BTC » Derivs »

Price Performance by Year

Performance of MSTR/USD and MSTR/BTC by year.

vs USD » vs BTC »
Drawdown » Premium Drawdown »


Preferred Stocks and Derivatives

Analysis of perferred stocks and ETFs associated with MSTR.

Pref Prices » Pref Yields » Summary »
MSTY » MSTY Yield »

Treasury Company Balances

Analysis of Bitcoin Treasury Company holdings.

Balance [BTC] » Balance [USD] »
MCap » RCap » Cost Basis »
Stacking 1W » Stacking 1M »

Treasury Company mNAV & Price

Price performance and mNAV.

Prices » Drawdown »
mNAV » mNAV Hist »
D2C Bars » Days2Cover » Days2Replace »




Bitcoin Profit/Loss Metrics

Metrics tracking the profit and loss across the network as a measure of sentiment, positioning, and capital flows.

MVRV Ratio

Trend analysis of the classic MVRV Ratio, seeking top and bottom heavy markets.


Market » STH-MVRV » LTH-MVRV »
Histogram » Hist-STH » Hist-LTH »

Spent Output Profit Ratio (SOPR)

The realised profit/loss multiple capturing average profit taking and loss taking events.

SOPR » STH-SOPR » LTH-SOPR »
Z-Score » Z-Score » Z-Score »
Histogram » STH-Hist » LTH-Hist »

Sell-side Risk Ratio

Tool to track impending volatility via relative capital flows.


Market » STH » LTH »

Unrealised Profit/Loss

Breakdowns of Unrealised Profit/Loss to assess stress and euphoria of holders

Absolute » Relative »
Market » STH » LTH »
% Market » % STH » % LTH »

Realised Profit and Loss

Realised profit and loss metrics for tracking sell-side pressure and regime shifts

USD » BTC » Both »
Loss » Profit » Cohort »
Market » STH » LTH »

P/L Ratio

Ratio between Realised Profit and Loss by cohort for spotting market regime shifts

Market » STH » LTH »


MVRV Gradient Oscillators

Indicators tracking market momentum and energy over different timeframes.

30D » 90D » 180D » 360D » All »

AVIV Gradient Oscillators

Faster and more responsive than the MVRV Gradient Oscillators using Cointime Economics.

30D » 90D » 180D » 360D » All »

Profit/Loss Momentum Signals

A set of tool to spot acceleration of Profit or Loss dominant regimes.

Market Signal » Sig-STH » Sig-LTH »
MVRV-Market » MVRV-STH » MVRV-LTH »

Tracking Top Heavy Markets

Tools to track when the Bitcoin Supply is at risk of being 'Top Heavy'.

Drawdowns » STH in Loss » LTH in Loss »
URL Market » URL STH » URL LTH »

LTH and STH Supply in Profit/Loss

Long and Short-Term Holder Supply in Profit/Loss.

Absolute » Relative »

Supply in Profit and Loss

Assessing The volume of supply held in profit or loss.

Market » STH » LTH » Abs »


URPD

Mapping out the supply distribution vs onchain cost basis.

URPD » LTH/STH »
Diff Nov-24 » Diff Mar-25 »
30d » 90d » 180d » 365d »

(Un)Realised URPD

Mapping out the Invested USD and Unrealised Profit/loss distribution vs price.

USD Invested » LTH/STH »
Unrealised PnL » LTH/STH »
Price »

URPD Heatmaps

Heatmaps showing the distributionm of supply over time

Supply » STH » LTH »
Realised » Unrealised PnL »
7d » 14d » 30d » 90d »


Seller Exhaustion Constant

A tool tracking seller exhaustion based off volatility and supply held in profit

Seller Exhaustion »

Consecutive Days Above Threshold

Tools for assessing the duration of a trending market5 based on MVRV and SOPR

MVRV » STH-MVRV »
SOPR » STH-SOPR »


Fundamentals and Capital Rotation.

The Realised Cap

The foundational Realised Cap metric, modelling the value stored in Bitcoin onchain.

RCap » MVRV » 30d Change »

Net Realised Profit/Loss

Net Realised Profit/Loss occurring across the network as a measure of net capital flows.

USD » BTC » Relative »

Capital Rotation

Assessing capital rotation flows using Realized Cap and Stablecoins Supplies.

View Chart! »


Liquidity Capital Change Ratios

Analysis of how capital and liquidity flows impact price and market valuation.

Model A » Model B » Model C »

Estimating Demand and Multipler Effects

Analysis frameworks for the muliplier effect on invested capital vs market cap change.

Multiplier »
2015 » Mar-2020 » FTX » 2024 »




Bitcoin Lifespan Metrics

Metrics assessing the volume of coindays destroyed and investor holding time in the Bitcoin network.

Value Days Destroyed Multiple

A Tool for assessing the maximum expendature of coinday value (originally designed by TXMC).

View Chart! »

Reserve Risk

Reserve Risk tracks the balance between value HODLed and expended across the Bitcoin network.

View Chart! »

Binary Coindays Destroyed

A metric which flags when coinday destruction exceeds statistically meaningful levels.

BCDD » Market » STH » LTH »

Coindays Destroyed

The total volume of coindays destroyed spend across the network.

CDD » CDD-90 » by Cohort » Profit/Loss »

Coindays in Profit/Loss

Assessment of the supply of Coindays held in Profit/Loss.

Absolute » Relative » Avg Age »

Coinday NVT and RVT Ratio

Oscillators tracking the size of the market relative to the coinday destruction by cohort.

Market » STH » LTH » Cointime »




Bitcoin Network Adoption Metrics

Tools to assess the growing rates of adoption for the Bitcoin network.

Active Address Momentum

Momentum within the active addresses as a proxy for the Bitcoin userbase.

View Chart! »

Transaction Momentum

Momentum within the number of confirmed transactions mined into blocks.

View Chart! »

Transfer Volume Momentum

Momentum within the volume settled by the Bitcoin network within confirm transactions.

BTC » USD »


Coinday Value Destroyed Momentum

Momentum of coinday value destroyed to gauge economic activity.

View chart! »

Miner Fee Revenue

Analysing the on-chain transaction fees paid to miners.

BTC » USD »

Transfer Volumes

Tracking the total transfer volume settled by the Bitcoin network.

BTC » USD »


Fee Revenue Ribbon

Tool to track meaningful upticks in Fee Revenue paid to Miners over 1y to 4yr periods.

View Chart! »

Address Count by Cohort

The total number of Shrimp, Crabs, Fish, Sharks and Whale Addresses.

View Chart! »


Inscription Counts

Breakdown of Inscriptions by Transaction Count.

Absolute » Relative » Cumulative » Impact On Addresses »

Inscription Fees

Breakdown of Inscriptions by Transaction Count.

Absolute » Relative » Cumulative »

Inscription Blockspace Demand

Breakdown of Inscriptions by Transaction Count.

Absolute » Relative » Cumulative »



Bitcoin Supply Dynamics Metrics

Metrics describing the supply dynamics of the Bitcoin network.

Circulating Supply

There will only ever be 21M Bitcoin.

Circ Supply » Vs Volume »

Issuance

Newly minted supply issued to miners.

View Chart! »

Supply Breadown

Compare the relative volume of supply.

Absolute » Relative »


The HODL Waves

Breakdown of supply into age bands.

Supply (BTC) » Supply (%) »
RCap (USD) » RCap (%) » LTH/STH »

Wallet Waves

Breakdown of supply into wallet size bands.

Absolute » Relative »

Supply Older than 1yr+

Breakdowmn of supply which has crossed the 1yr age threshold.

Absolute » Relative »


Long/Short-Term Holder Supply

Breakdown of supply into LTH, STH and lost cohorts.

Supply » Relative »
30d [BTC] » 30d [%] »

HODLer Net Position Change

The 30-day rate of funds flowing into Vaulted Supply (HODLers) using Cointime Economics principles.

Absolute »

Revived Supply 6m+

Tools to track the volume of supply Spent/Revived by age band.

Revived Supply » Realised » Net PnL »
Absolute » Age Dominance »
Year BTC » Year USD »


Spent Supply Binary Indicator

A tool to track when smart money investors are exiting during peak bull markets.

Absolute »
Sold 2018+ » Sold 2022+ »

Spent Volume Age Bands

Onchain Spent Volume breakdown by coin age.

Absolute » Relative »

Volume Breakdown by Size

Tools to track the volume broken down by size.

Volume » Realised » Net PnL »
Size Dominance »


Supply metrics comparing the balance change of wallet cohorts to the daily issuance over 30-day and 90-day periods.

Retail Holders
(Under 100 BTC)

30-day » 90-day »

High Net Worth
(10-1kBTC)

30-day » 90-day »

Sharks and Whales
(100BTC+)

30-day » 90-day »

Whales and Exchanges
(1kBTC+)

30-day » 90-day »



Bitcoin Mining Metrics

Tracking the production side of Bitcoin via performance and income stress metrics for miners.

Hashrate Ribbons

Tool for tracking inversions in the 30D and 60D hashrate averages.

Hash Ribbons » 30d Change »

Puell Multiple

The original oscillator for tracking mining profitability and income stress.

View Chart! »

Mining Pulse

Analysing changes in block interval to assess hashrate expansion and contraction.

View Chart! »


Hashprice

Monitoring the USD and BTC revenue per Exahash.

View Chart! »

Miner Revenue From Fees

Monitoring the Income streams for miners in USD and BTC denomination.

View Chart! »

Miner Balances

Tracking the total balance and 30-day balance change for miners.

View Chart! »


Mining metrics associated with estimating the all-in-sustaining-cost of production for BTC.

Difficulty Regression Model

A log-log regression model between Difficulty and Market Cap.

View Chart! »

Difficulty per Issuance Model

A curve fit model considering the difficulty input per unit of BTC produced (by @paulewaulpaul).

View Chart! »

Profitable Mining Days

Estimating the number of proffitable days, showing just how perfectly balanced PoW mining is.

Profitable Days » Revenue vs Cost »




Bitcoin Technical Analysis and Volatility

Analysis of the market performance using classic technical analysis tools.

Drawdowns Corrections and Rally Strength

Tracking market drawdowns from ATH, in bull market corrections, and bear market rallies.

% ATH » $ ATH » Bull Dips » Bear Rallies »

Cycle Performance vs Halvings, Tops and Bottoms

Comparing the performance since the Halving, Cycle Top, and Low.

Halving » Cycle Low » Cycle Top »

Quarterly, Monthly, and Weekly ROI

Oscillators showing the price performance over 90, 30, and 7-day periods.

1W to 1Q » Intra [USD] » Intra [%] »
YoY Perf » Market Cap »


Price Performance Bars

Bar Charts showing price performance over various resolutions and periods.

1D » 1W » 1M » 3M » 1Y »
1D » 1W » 1M » 3M » 1Y »

Profitable Trading Days

How many days have Bitcoin prices been in the green?.

View Chart! »

Seasonal Performance

Breakdown of yearly and monthly price performance.

View Chart! » BTC By Month »
BTC » Gold » SPX » NDQ » DXY »


Bollinger Bands

The Bollinger Bands using a 20-day period +/- 2 standard deviations.

Daily » Weekly »

Realized Volatility

Assessing the realized volatility of Bitcoin over several timeframes.

View Chart! »

Price Range Low/High

Tracking volatility using contraction/expansion of trading ranges.

7-day » 30-day » 90-day »


Relative Strength Index 14

The classic RSI-14 Overbought / Oversold indicator.

1-day » 1-week » 1-month »

Stochastic Oscillator

Tracking volatility using range contraction/expansion.

View Chart! »

MACD

The Moving Average Convergence Divergence indicator.

View Chart! »


Choppiness Index

Technical indicator tracking trending and consolidating markets.

View Chart! »

Market Dominance Measures

A series of methodologies for measuring market dominance.

BTC Dominance » Divergence » Rankings »

Shitcoin Performance vs BTC

Showiung the persistent deterioration of shitcoins vs BTC over time.

View Chart »


Sharpe and Sortino Ratio

Comparing the Sharpe and Sortino Ratio of Bitcoin to TradFi and crypto assets.

BTC » TradFi » Crypto »
BTC » TradFi » Crypto »

CAGR Comparison

Comparing the CAGR of Bitcoin vs TradFi and crypto Assets.

BTC » TradFi » Crypto »

The BXY Exchange Rate Index

What if Bitcoin was the real unit of account?.

BXY Index! » Fiat vs Gold! »


Correlations

Comparing the rolling correlation of Bitcoin to Tradfi assets.

30d » 90d » 365d »




Stablecoins Stablecoins

Analysing the behaviour of the major USD denominated stablecoins.

Aggregate Supply

Assessing the total outstanding supply of USD stablecoins.

Absolute » Relative »

Net Position Change

Capital flows into Stablecoins relative to major assets.

Stablecoins » Major Assets »

Volume Dominance

Comparing the on-chain transfer volume dominance of stablecoins.

Absolute » Relative »

HODL Waves

Breakdowns of Stablecoin Supply by HODLed Age Size.

Absolute » Relative »

Wealth Distribution

Breakdowns of Stablecoin Supply by wallet Size.

Absolute » Relative »

Transaction Dominance

Comparing the on-chain transaction count dominance of stablecoins.

Absolute » Relative »


Stablecoin Supply Ratio

Tools assessing the relative buying power and size of stablecoins relative to Bitcoin.

SSR » Oscillator » RSI Channel »




TradFi Traditional Finance

Analysis of Equity, Commodity, and Bond Market Performance.

Gold Price Performance

Modelling the price performance and drawdowns of gold.

Mayer Multiple » Drawdowns »
Since 2020 »

Gold Relative Performance

Assessing the relative performance of Gold vs key asset classes.

DXY & 10y » vs SPX » vs Assets » vs Fiat »

Gold ETF Holdings

Total gold balance and flows in ETFs and Regional areas.

ETF Balance » ETF Flows »
Regional Balance » Regional Flows »


Consecutive Days Without a Drawdown

Counting the number of days each asset has traded without a major correction.

SPX ATH » SPX 30 » SPX 90 »
NDQ ATH » NDQ 30 » NDQ 90 »
Gold ATH » Gold 30 » Gold 90 »

Bitcoin Performance vs The Mag 7

Assessing the relative performance of Bitcoin vs the top performing equities.

Since 2020 » By Year » Volatility » 5yr Sortino »
Drawdown (ATH) » Drawdown (365d) »
Performance (90d) » Performance (365d) »


Global Liquidity and Money Supply

Comparing Bitcoin price action to global money supply and liquidity.

US Debt, Revenue, & Interest » US Debt to GDP »
US Liquidity (Total) » US Liquidity Change (30d) » US Liquidity Change (90d) »

US Economics

Metrics describing the US economy and interest rates.

US Interest Rates » US Rate Inversion » US Yield Curve »
Asset » Forex » USD »