Plain-English definitions of MVRV, SOPR, NUPL, realized cap, HODL waves, coin days destroyed, exchange netflow and 30+ more on-chain terms, each linked to its chart.
37 terms, each linked to the charts that visualize it. See also the methodology.
Studying the public Bitcoin ledger itself — every transaction, output and address — to measure what holders actually do (accumulate, spend, move coins to exchanges) instead of inferring it from price alone. All Kote Charts metrics are derived this way from our own full node.
MVRV Z-Score · SOPR · NUPL
The basic unit of Bitcoin ownership: a chunk of coins created by a transaction and not yet spent. Every on-chain cost-basis metric starts from the UTXO set — each output remembers the block (and therefore the price) at which it was created.
Realized cap divided by circulating supply: the average price at which every coin last moved on-chain, i.e. the aggregate cost basis of all holders. Price below realized price means the average holder is under water.
Realized price · Realized Price by Age · Realized price by age
The sum of every UTXO valued at the price when it was last moved, rather than at today’s price. It measures the capital actually stored in Bitcoin and filters out coins that have not moved for years.
Realized cap · Realized cap by age · Bitcoin: Realized Cap — UTXO Age Bands (%)
Market cap divided by realized cap. Above 1 the average holder sits in profit; historically readings above ~3.5 marked cycle tops and below 1 marked bottoms.
The gap between market cap and realized cap, divided by the standard deviation of market cap. It normalizes MVRV into standard deviations so extremes are comparable across cycles.
For every output spent on a given day, the price when spent divided by the price when created, volume-weighted. Above 1 coins move in profit, below 1 at a loss; 1.0 acts as support in bull markets and resistance in bear markets.
SOPR · Adjusted SOPR · STH / LTH SOPR · LTH / STH SOPR Ratio
SOPR with outputs younger than one hour removed, filtering out change outputs and internal shuffles that carry no economic signal.
(Market cap − realized cap) ÷ market cap: the share of market value that is unrealized profit. Zones from capitulation (<0) through hope, optimism, belief and euphoria (>0.75) describe the sentiment of the whole holder base.
NUPL · NUPL 100-Day EMA · LTH NUPL · STH NUPL · NUP / NUL
Coins younger than 155 days belong to short-term holders; older coins to long-term holders. The threshold marks where the probability of a coin being spent drops sharply, so the two cohorts behave like different market participants.
STH / LTH MVRV · STH / LTH SOPR · LTH / STH supply (over time) · LTH Combined
The circulating supply split into bands by the age of each coin (time since it last moved). Widening old bands mean accumulation and dormancy; swelling young bands mean old coins are being spent.
Each coin accumulates one “coin day” per day it stays unspent; spending it destroys them all. CDD weights spending by dormancy, so a large value means old, long-held coins moved — far more significant than the same volume of fresh coins.
Coin days destroyed divided by the volume spent: the average age of the coins moved that day. Rising dormancy signals old hands distributing.
Coins flowing into exchange-labelled wallets minus coins flowing out, per day. Sustained inflows historically precede selling pressure; outflows point to withdrawal into self-custody.
The total balance held by labelled exchange entities, cumulated from genesis as classified inflows minus outflows for a fixed membership snapshot.
The share of exchange inflow contributed by the ten largest deposits of the day. High values mean whales dominate what reaches exchanges.
Grouping addresses that are very likely controlled by the same owner (for example through common-input-ownership) and labelling clusters as exchanges, miners, funds or whales. All entity-level charts depend on these heuristic clusters and labels.
Largest entities · BTC held by entity · Supply share by entity
Daily miner revenue in USD divided by its 365-day average. Extremely low readings indicate miner stress typical of bottoms; very high readings accompany tops.
Miner outflows in USD relative to their one-year average, expressed in standard deviations. Spikes show miners selling more than usual.
Network value (market cap) divided by on-chain transaction value transferred — a price-to-“earnings” style valuation ratio for the Bitcoin network.
Existing supply divided by annual new issuance, a scarcity measure that halves in step with each halving. The model-price derived from it is a reference, not a forecast.
A regression of Bitcoin’s price against time since genesis on log–log axes. The resulting corridor and rainbow bands describe long-run trend deviation, not targets.
Power Law · Bitcoin Power Law Rainbow · Bitcoin Power-Law Cycle Map
Price divided by its 200-day moving average. Above ~2.4 has historically been overheated; below 1 oversold.
The USD profit (or loss) locked in by coins spent each day: the difference between their creation price and their spend price, summed over all spent outputs.
The share of circulating coins whose last on-chain move happened at a lower price than today’s. Near 100 % every holder is in profit — euphoria; below ~50 % capitulation.
Supply in profit · Supply in profit (over time) · UTXO P/L count ratio
Distinct addresses that sent or received coins during a period. A proxy for network participation, imperfect because one user controls many addresses and one exchange aggregates many users.
New coins minted per block as the block subsidy, halving every 210,000 blocks (~4 years). Issuance sets the inflation rate and the stock-to-flow ratio.
What users pay miners to be included in a block. Fee per byte (sat/vB) reflects block-space demand; total fees versus subsidy shows how much miner revenue depends on usage.
On-chain transaction volume divided by supply: how often the average coin changes hands. Falling velocity means coins are being held rather than transacted.
Bitcoin market cap divided by the total stablecoin market cap. A low SSR means stablecoin “dry powder” is large relative to Bitcoin — potential buying power.
Daily net creations and redemptions of US spot Bitcoin ETFs in USD and BTC, compared with new supply to show whether institutional demand outpaces issuance.
An entity holding a very large balance (commonly ≥1,000 BTC) or a transfer above a size band (≥100 / 1,000 / 10,000 BTC). Whale flows to and from exchanges are tracked separately because they move markets.
Whale tx volume · Whale → exchange · BTC accumulation vs distribution by cohort · 60D · Whales vs exchange wallets · 60D
How the supply is split across address balance bands (shrimp to humpback). Concentration metrics show whether supply is dispersing to small holders or consolidating.
Our internal pass over the full chain that tracks every UTXO with its creation price and age. It is rebuilt incrementally each day and powers every cost-basis, cohort and coin-age chart on the site.
Kote Charts’ audited composite of twelve directional on-chain metrics in four equally weighted families plus context layers, producing cycle zones that only change after fourteen daily closes.
The bucket size of a series: 5-minute (retained 30 days for selected metrics), day, 3-day, week, month or year. Coarser buckets sum flows and counts and keep the last state observation; all intervals are closed-only unless the open UTC day is explicitly requested.
The last block height through which every on-chain metric has been fully processed. Chart pages and the API expose it so readers know exactly how fresh the data is.