# Blockchain Fundamentals


# Block Height

## Block Height Indicator

The Block Height is a fundamental on-chain metric that helps traders and investors track the progress and growth of a blockchain network. It refers to the number of blocks created since the genesis block (the very first block) and serves as a chronological index for blockchain activity. This metric provides insights into network health, activity trends, and overall adoption by measuring how rapidly new blocks are being added.

## Steps to Use the Block Height Metric

1\. Understand the Concept:

* Block Height: The total number of blocks in the blockchain since its inception. Each new block adds +1 to the block height.
* Relevance: It represents the "age" and continuity of the blockchain and indicates network activity levels.

2\. Interpret the Block Height Metric:

* Rapidly Increasing Block Height: Indicates high mining or validation activity, suggesting strong network participation.
* Sluggish or Stagnant Growth: Could signal issues such as low activity, network congestion, or fewer transactions being processed.
* Historical Milestones: Significant block heights often coincide with major events like halvings, upgrades, or forks.

3\. Analyze Historical Patterns:

* Halving Events: Many blockchains (e.g., Bitcoin) have halving events tied to specific block heights. Monitor these events for potential market impacts.
* Forks and Upgrades: Major upgrades or forks typically occur at predefined block heights, offering clues about future changes to the network.
* Adoption Trends: A steady and rapid increase in block height often correlates with higher network adoption and usage.

4\. Make Decisions:

* During Rapid Growth: Increased block height may indicate a growing and healthy network, potentially boosting investor confidence.
* Before Milestone Heights: Anticipate potential volatility around significant block heights tied to halvings or upgrades.
* In Stagnant Networks: A lack of growth in block height may warrant caution, as it could reflect reduced interest or activity.

## Tips:

* Combine with Other Metrics: Use block height alongside transaction count, active addresses, or hash rate for a more comprehensive network analysis.
* Track Scheduled Events: Be aware of pre-scheduled events tied to block heights, such as halvings or updates, as they often drive market sentiment.
* Monitor Network Activity: Look for anomalies, such as unusually high block creation speed, which could signal spam attacks or upgrades.
* Be Mindful of Context: The significance of block height can vary between blockchain networks, depending on their consensus mechanisms and design.
* Regular Updates: Stay informed about blockchain developments and changes by tracking block height via analytics platforms or blockchain explorers.

## Created By The Block Height indicator is a widely recognized tool in blockchain analytics.


# Blocks Mined

## Blocks Mined Indicator

The Blocks Mined metric is a fundamental indicator for blockchain networks, providing insights into their operational efficiency, miner or validator activity, and overall health. It measures the total number of blocks successfully mined over a specific time period. This metric is valuable for understanding network security, activity trends, and miner participation.

## Steps to Use the Blocks Mined Metric

1\. Understand the Concept:

* Blocks Mined: Represents the number of blocks added to the blockchain in a given timeframe (e.g., daily, weekly).
* Relevance: Reflects the network’s robustness, mining efficiency, and activity levels of participants.

2\. Interpret the Blocks Mined Metric:

* High Blocks Mined Rate: Indicates strong mining activity and healthy network participation.
* Low Blocks Mined Rate: Suggests potential network issues, decreased miner participation, or lower transaction volumes.
* Steady Blocks Mined Rate: Implies a stable and efficient network environment.

3\. Analyze Historical Patterns:

* Difficulty Adjustments: Block production rates may fluctuate based on mining difficulty changes.
* Upgrades and Forks: Significant deviations in blocks mined can coincide with network upgrades, forks, or protocol changes.
* Market Events: High or low block mining activity can align with market dynamics like halving events or price volatility.

4\. Make Decisions:

* During Steady Growth: Consistent blocks mined suggest a secure and active network, which may inspire confidence among participants.
* Following Sudden Drops: Investigate causes such as network congestion, miner exits, or technical challenges.
* Around Significant Events: Be aware of potential volatility or opportunities during halving events, protocol changes, or validator upgrades.

## Tips:

* Complement with Other Metrics: Analyze blocks mined alongside hash rate, transaction fees, or network activity for a holistic view.
* Monitor Difficulty Adjustments: Significant changes in difficulty can affect mining rates and signal network challenges or shifts.
* Use Real-Time Analytics: Platforms like blockchain explorers or analytics tools offer timely data on block production rates.
* Be Aware of Forks and Upgrades: These events often temporarily impact block mining rates, offering insights into network developments.
* Track Validator Behavior: In Proof-of-Stake systems, validator downtime or inactivity can influence block production rates.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Days Until Halving

## Days Until Halving Indicator

The *Days Until Halving* is a fundamental on-chain metric that helps traders and investors anticipate major supply-related events in proof-of-work blockchains like Bitcoin. It measures the estimated number of days remaining until the next halving event — a scheduled reduction of block rewards given to miners. This metric is crucial for understanding potential supply shocks, investor sentiment shifts, and long-term market cycles.

***

## Steps to Use the Days Until Halving Metric

1\. Understand the Concept:

* Days Until Halving: The countdown (in days) until the next block reward halving occurs.
* Relevance: Halvings reduce the issuance rate of new coins, often influencing supply-demand dynamics and long-term price trends.

2\. Interpret the Days Until Halving Metric:

* Decreasing Days (Approaching Halving): Signals an upcoming supply cut. Historically, markets anticipate halvings months in advance.
* Far from Halving: Suggests a stable supply issuance environment with less immediate focus on supply shocks.
* Historical Halving Dates: Each halving event has historically marked significant shifts in market behavior, often tied to long-term bullish cycles.

3\. Analyze Historical Patterns:

* Price Cycles: Previous halving events (e.g., Bitcoin’s 2012, 2016, and 2020 halvings) have often preceded multi-year bull runs.
* Market Sentiment: As the halving date nears, media coverage and investor interest tend to rise.

Mining Dynamics: Reduced rewards force miners to optimize operations, often consolidating mining power and affecting hash rate trends.

4\. Make Decisions:

* As Days Decrease: Expect heightened volatility and stronger narratives around scarcity, which may attract new participants.
* Before the Event: Consider potential accumulation strategies or hedges, as markets often price in halving effects early.
* After Halving: Monitor post-event adjustments in network health, hash rate, and miner profitability, as these can influence long-term sustainability.

***

## Tips:

* Combine with Other Metrics: Track alongside block height, hash rate, and transaction volume for deeper insights.
* Anticipate Volatility: Leading up to halving, markets often experience increased speculation and rapid price swings.
* Understand Lag Effects: Price impacts may not occur immediately — halvings often set the stage for long-term supply shifts.
* Network Specifics Matter: Different blockchains (e.g., Litecoin, Bitcoin Cash) may have halving events with varying impacts.
* Stay Updated: Use countdown tools and blockchain explorers to track the exact number of days until halving.

***

## Created By: The Days Until Halving indicator is a widely recognized tool in blockchain analytics.


# Difficulty Indicator

## Difficulty Indicator

The Difficulty indicator is a fundamental blockchain metric that measures the computational effort required to mine a new block. It is dynamically adjusted by the network to maintain consistent block times, ensuring stability and security in the blockchain. This indicator is crucial for understanding the state of the mining ecosystem, network health, and overall security.

## Steps to Use the Difficulty Indicator

1\.  Understand the Concept:

* Difficulty: A numerical value representing how hard it is to mine a block on the blockchain.
* Relevance: Reflects the competition among miners and the overall security of the network.

2\.  Interpret the Difficulty Indicator:

* High Difficulty: Indicates strong competition, which can enhance network security.
* Low Difficulty: Suggests reduced competition, potentially due to miner exits or lower activity.
* Trends in Difficulty: Rising or falling difficulty can highlight shifts in mining activity and participation.

3\.  Analyze Historical Patterns:

* Mining Growth: Monitor increases in difficulty as a sign of growing mining activity and network adoption.
* Mining Declines: Decreases in difficulty often correlate with reduced miner participation or profitability.
* Market Correlation: Difficulty trends can align with price movements and miner incentives.

4\.  Make Decisions:

* During High Difficulty Periods: Signals strong miner confidence and a secure network, though mining costs rise.
* During Low Difficulty Periods: Lower entry barriers for miners, but may indicate reduced security.
* Around Major Events: Use difficulty changes to assess impacts of halvings, market shifts, or upgrades.

## Tips:

* Combine with Hash Rate and Block Times for a complete view.
* Monitor periodic adjustments for signals of miner behavior.
* Use real-time analytics to track changes.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Coin Age & Destruction


# Binary CDD

## Binary Coin Days Destroyed (Binary CDD) Indicator

The Binary Coin Days Destroyed (Binary CDD) indicator simplifies the traditional Coin Days Destroyed (CDD) metric by focusing on whether significant coin movement occurred on a given day. This metric helps identify periods of heightened activity by long-term holders and shifts in market behavior.

## Steps to Use the Binary CDD Indicator

1\. Understand the Concept:

* Coin Days: Represent the product of the number of coins held and the days since they were last moved.
* Coin Days Destroyed (CDD): Occurs when coins are spent, resetting their accumulated coin days.
* Binary CDD: A binary representation (0 or 1) indicating whether CDD on a given day exceeds a pre-determined threshold.
* Relevance: Highlights significant activity from long-term holders while filtering out minor, routine transactions.

2\. Interpret the Binary CDD Indicator:

* Binary CDD = 1: Indicates that significant coin movement occurred, often reflecting long-term holder activity or market events.
* Binary CDD = 0: Suggests that coin movement was below the threshold, reflecting routine or low activity.
* Trends Over Time: Analyze patterns of Binary CDD spikes to assess changes in long-term holder behavior and market sentiment.

3\. Analyze Historical Patterns:

* Bull Markets: Binary CDD spikes often coincide with profit-taking behavior by long-term holders.
* Bear Markets: Sustained periods of Binary CDD = 0 reflect reduced activity by long-term holders and potential accumulation phases.
* Market Transitions: Sudden increases in Binary CDD can signal market turning points or significant sentiment shifts.

4\. Make Decisions:

* During High Activity: Monitor market responses to significant coin movement, which may indicate distribution or market stress.
* During Low Activity: Evaluate potential accumulation opportunities when long-term holders exhibit reduced activity.
* Validate Market Trends: Use this metric alongside other indicators to confirm shifts in market sentiment and behavior.

## Tips:

* Combine with Traditional CDD: Use Binary CDD alongside the full CDD metric to gain deeper insights into coin movement.
* Monitor Historical Trends: Compare current Binary CDD patterns with historical data to identify recurring behaviors and cycles.
* Contextualize with Market Events: Consider macroeconomic conditions, network upgrades, or significant announcements impacting long-term holders.
* Threshold Calibration: Adjust the threshold for significant CDD based on historical data and network-specific characteristics.

## How to Use the Indicator Effectively

* Identify Holder Activity: Use Binary CDD to detect significant coin movements by long-term holders.
* Assess Market Phases: Monitor patterns of Binary CDD to detect transitions between accumulation, distribution, and consolidation phases.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# ASOL

## Tutorial: Average Spent Output Lifespan (ASOL) Indicator

The Average Spent Output Lifespan (ASOL) indicator measures the average age of all spent transaction outputs in a given period. This metric provides insights into the behavior of market participants, particularly long-term holders, and can signal changes in market sentiment and activity.

## Steps to Use the ASOL Indicator

1\.  Understand the Concept:

* Spent Output Lifespan: Refers to the age of a transaction output at the time it is spent, calculated from when it was last moved.
* Average Lifespan: The average of all spent output lifespans over a specific period.
* Relevance: Reflects the activity of long-term holders versus short-term participants and highlights shifts in market dynamics.

2\.  Interpret the ASOL Indicator:

* High ASOL: Indicates older coins are being spent, often associated with long-term holders realizing profits or responding to market events.
* Low ASOL: Suggests the majority of spent outputs are younger coins, typically reflecting short-term trading activity.
* Trends Over Time: Analyze ASOL trends to assess the behavior of long-term holders and market sentiment.

3\.  Analyze Historical Patterns:

* Bull Markets: High ASOL values often coincide with profit-taking behavior by long-term holders during price rallies.
* Bear Markets: Low ASOL values typically reflect reduced activity by long-term holders and dominance of short-term trading.
* Market Transitions: Sudden spikes in ASOL can signal significant market events or sentiment shifts.

4\.  Make Decisions:

* During High ASOL Periods: Monitor for potential market corrections or increased selling pressure from long-term holders.
* During Low ASOL Periods: Evaluate the implications of heightened short-term activity and potential price volatility.
* Validate Market Trends: Use ASOL in combination with other indicators to confirm shifts in market sentiment and activity.

## Tips:

* Combine with Coin Days Destroyed (CDD): Use ASOL alongside CDD metrics for a comprehensive view of long-term holder behavior.
* Monitor Historical Patterns: Compare current ASOL levels with historical data to identify recurring trends and market cycles.
* Use with Volume Data: Pair ASOL trends with transaction volume to assess the significance of long-term holder activity.
* Contextualize with Market Events: Consider macroeconomic conditions, network upgrades, or significant announcements impacting holder activity.

## How to Use the Indicator Effectively

* Gauge Long-Term Holder Behavior: Use high ASOL levels to evaluate long-term holder activity and potential market impacts.
* Identify Market Cycles: Monitor changes in ASOL to detect phases of accumulation, distribution, or stabilization.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Coin Blocks Created

## Coin Blocks Created Indicator

The Coin Blocks Created indicator measures the cumulative value of coin blocks created over a specific period. A coin block is the product of the number of coins and the time they remain unspent. This metric provides insights into network activity, holding behavior, and market trends.

## Steps to Use the Coin Blocks Created Indicator

1\. Understand the Concept:

* Coin Blocks: Represent the product of the number of coins held and the time they remain unspent, measured in days.
* Created Blocks: Reflect newly generated or updated coin blocks as coins remain idle or are spent.
* Relevance: Indicates long-term holder behavior, accumulation trends, and overall network activity.

2\. Interpret the Coin Blocks Created Indicator:

* High Coin Blocks Created: Indicates increased holding behavior, reflecting long-term confidence or reduced market activity.
* Low Coin Blocks Created: Suggests heightened spending or redistribution, often associated with market activity or volatility.
* Trends Over Time: Analyze changes in coin blocks created to assess shifts in market sentiment and holder behavior.

3\. Analyze Historical Patterns:

* Bull Markets: Coin blocks created may decrease as coins are spent during profit-taking phases.
* Bear Markets: Coin blocks created often increase as coins remain idle during accumulation periods.
* Market Cycles: Sudden shifts in coin blocks created can signal transitions between accumulation, distribution, and consolidation phases.

4\. Make Decisions:

* During High Levels: Monitor for accumulation trends, indicating potential market bottoms or long-term confidence.
* During Low Levels: Evaluate the implications of increased spending, which may signal market volatility or distribution.
* Validate Market Sentiment: Use this metric alongside other indicators to confirm shifts in market behavior and sentiment.

## Tips:

* Combine with Coin Days Destroyed (CDD): Use Coin Blocks Created alongside CDD to gain a comprehensive view of holder behavior and coin movement.
* Monitor Historical Patterns: Compare current levels with historical data to identify recurring trends and potential market cycles.
* Contextualize with Market Events: Consider macroeconomic conditions, network upgrades, or major announcements impacting holder behavior.
* Use with Holder Metrics: Pair this indicator with long-term holder supply metrics to refine analysis of holding behavior.

How to Use the Indicator Effectively

* Assess Holding Behavior: Use high levels of Coin Blocks Created to evaluate long-term confidence and accumulation trends.
* Identify Market Cycles: Monitor changes to detect shifts between accumulation, distribution, and market stabilization phases.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Coin Blocks Destroyed (CBD)

## **Coin Blocks Destroyed (CBD) Indicator**

The Coin Blocks Destroyed (CBD) indicator measures the total value of coin blocks destroyed over a specific period. A coin block is the product of the number of coins and the time they remain unspent. This metric provides insights into market activity, holder behavior, and the redistribution of coins.

***

Steps to Use the Coin Blocks Destroyed (CBD) Indicator

1\. Understand the Concept:

* Coin Blocks: Represent the product of the number of coins held and the time they remain unspent, measured in days.
* Destroyed Blocks: Occur when coins are transacted, resetting their accumulated coin blocks to zero.
* Relevance: Indicates significant coin movements, highlighting long-term holder activity and market dynamics.

2\. Interpret the Coin Blocks Destroyed (CBD) Indicator:

* High CBD: Suggests significant movement of older coins, often associated with profit-taking, market volatility, or major events.
* Low CBD: Reflects reduced activity by long-term holders, indicating accumulation or market stability.
* Trends Over Time: Analyze changes in CBD to assess shifts in holder behavior and market sentiment.

3\. Analyze Historical Patterns:

* Bull Markets: High CBD levels often align with profit-taking behavior by long-term holders during price rallies.
* Bear Markets: Sustained periods of low CBD suggest reduced activity and potential accumulation by long-term holders.
* Market Transitions: Sudden spikes in CBD can signal key turning points, such as the onset of a recovery or distribution phase.

4\. Make Decisions:

* During High CBD Periods: Monitor for potential market corrections or redistribution by long-term holders.
* During Low CBD Periods: Evaluate accumulation opportunities as coins remain dormant and market activity stabilizes.
* Validate Market Trends: Use CBD in combination with other indicators to confirm shifts in market sentiment and holder behavior.

***

Tips:

* Combine with Coin Days Destroyed (CDD): Use CBD alongside CDD metrics for a comprehensive view of long-term holder activity.
* Monitor Historical Patterns: Compare current CBD levels with historical data to identify recurring trends and market cycles.
* Use with Volume Data: Pair CBD trends with transaction volume to assess the significance of coin movements.
* Contextualize with Market Events: Consider macroeconomic conditions, network upgrades, or major announcements impacting holder activity.

***

How to Use the Indicator Effectively

1. Gauge Long-Term Holder Behavior: Use high CBD levels to evaluate significant coin movements and potential market impacts.
2. Identify Market Cycles: Monitor changes in CBD to detect phases of accumulation, distribution, or stabilization.
3. Support Strategic Decisions: Incorporate insights from this indicator into trading strategies, portfolio management, and market analysis.

***

Created By: This indicator is a widely recognized tool in blockchain analytics.

<br>


# Coin Days Destroyed (CDD)

## Coin Days Destroyed (CDD) Indicator

The Coin Days Destroyed (CDD) indicator measures the total number of coin days destroyed over a specific period. Coin days are a measure of inactivity, calculated as the product of the number of coins held and the days they remain unspent. This metric provides insights into holder behavior, market activity, and the redistribution of coins.

## Steps to Use the Coin Days Destroyed (CDD) Indicator

1\. Understand the Concept:

* Coin Days: Represent the product of the number of coins held and the days since they were last moved.
* Coin Days Destroyed: Occur when coins are transacted, resetting their accumulated coin days to zero.
* Relevance: Highlights significant coin movements, reflecting long-term holder behavior and market dynamics.

2\. Interpret the Coin Days Destroyed (CDD) Indicator:

* High CDD: Suggests significant movement of older coins, often associated with profit-taking, market volatility, or major events.
* Low CDD: Reflects reduced activity by long-term holders, indicating accumulation or market stability.
* Trends Over Time: Analyze changes in CDD to assess shifts in holder behavior and market sentiment.

3\. Analyze Historical Patterns:

* Bull Markets: High CDD levels often align with profit-taking behavior by long-term holders during price rallies.
* Bear Markets: Sustained periods of low CDD suggest reduced activity and potential accumulation by long-term holders.
* Market Transitions: Sudden spikes in CDD can signal key turning points, such as the onset of a recovery or distribution phase.

4\. Make Decisions:

* During High CDD Periods: Monitor for potential market corrections or redistribution by long-term holders.
* During Low CDD Periods: Evaluate accumulation opportunities as coins remain dormant and market activity stabilizes.
* Validate Market Trends: Use CDD in combination with other indicators to confirm shifts in market sentiment and holder behavior.

## Tips:

* Combine with Binary CDD: Use CDD alongside Binary CDD metrics for a comprehensive view of long-term holder activity.
* Monitor Historical Patterns: Compare current CDD levels with historical data to identify recurring trends and market cycles.
* Use with Volume Data: Pair CDD trends with transaction volume to assess the significance of coin movements.
* Contextualize with Market Events: Consider macroeconomic conditions, network upgrades, or major announcements impacting holder activity.

## How to Use the Indicator Effectively

* Gauge Long-Term Holder Behavior: Use high CDD levels to evaluate significant coin movements and potential market impacts.
* Identify Market Cycles: Monitor changes in CDD to detect phases of accumulation, distribution, or stabilization.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# 90D Coin Days Destroyed

## 90D Coin Days Destroyed Indicator

The 90D Coin Days Destroyed (CDD) indicator measures the total coin days destroyed over a 90-day period. This metric provides insights into the activity and behavior of long-term holders, highlighting significant shifts in market dynamics and coin movement.

## Steps to Use the 90D Coin Days Destroyed Indicator

1\. Understand the Concept:

* Coin Days: A measure of coin inactivity, calculated as the number of coins held multiplied by the days since they were last moved.
* Coin Days Destroyed: Occurs when coins are transacted, resetting their accumulated coin days.
* 90D CDD: The cumulative total of coin days destroyed over a rolling 90-day period.

2\. Interpret the 90D Coin Days Destroyed Indicator:

* High 90D CDD: Indicates increased activity from long-term holders, often coinciding with distribution phases or major market events.
* Low 90D CDD: Suggests reduced activity from long-term holders, typically aligning with accumulation phases or market consolidation.
* Trends Over Time: Analyze changes in 90D CDD to assess shifts in long-term holder behavior and market sentiment.

3\. Analyze Historical Patterns:

* Bull Markets: High 90D CDD levels often align with profit-taking behavior by long-term holders during price rallies.
* Bear Markets: Low 90D CDD levels typically indicate accumulation or reduced market participation by long-term holders.
* Market Transitions: Sudden spikes or drops in 90D CDD can signal key turning points in market cycles.

4\. Make Decisions:

* During High 90D CDD Periods: Monitor for potential market volatility or distribution by long-term holders.
* During Low 90D CDD Periods: Evaluate accumulation opportunities as long-term holders exhibit reduced activity.
* Validate Market Trends: Use this metric alongside other indicators to confirm shifts in market sentiment and holder behavior.

## Tips:

* Combine with Active Supply Metrics: Pair 90D CDD with active supply or holder metrics for a comprehensive view of market activity.
* Monitor Historical Patterns: Compare current 90D CDD levels with past data to identify recurring trends and market signals.
* Use with Volume Data: Analyze transaction volume alongside 90D CDD to assess the significance of coin movements.
* Contextualize with Market Events: Consider macroeconomic conditions, regulatory changes, or significant announcements impacting holder activity.

## How to Use the Indicator Effectively

* Gauge Long-Term Holder Activity: Use high 90D CDD levels to assess distribution behavior and market sentiment.
* Identify Market Cycles: Monitor changes in 90D CDD to detect phases of accumulation, distribution, or stabilization.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Holder Behavior


# Short-Term CDD

## Short-Term Holder Coin Days Destroyed (STH CDD) Indicator

The Short-Term Holder Coin Days Destroyed (STH CDD) is an on-chain metric that measures the activity of short-term holders (STH) by calculating the total "coin days destroyed" when their coins are moved. A "coin day" represents one coin held for one day without being moved. This metric is particularly useful for understanding speculative behavior, short-term market sentiment, and potential distribution phases.

## Steps to Use the STH CDD Metric

1\. Understand the Concept

* STH CDD: The sum of coin days destroyed by short-term holders over a given period:
* Short-Term Holders (STH): Entities holding coins for a short duration, often associated with speculative behavior and rapid market responses.
* Relevance: Highlights the activity of short-term holders, offering insights into their behavior, including profit-taking, speculative trades, or panic selling.

2\. Interpret the STH CDD Metric

* High STH CDD: Indicates significant movement of coins held for a short duration, often reflecting speculative selling or profit-taking.
* Low STH CDD: Suggests minimal activity by short-term holders, reflecting reduced speculative activity or market calm.
* Stable STH CDD: Reflects consistent behavior by short-term holders, often observed during periods of market equilibrium.

3\. Analyze Historical Patterns

* Bull Markets: Spikes in STH CDD align with profit-taking or speculative activity as short-term holders capitalize on price increases.
* Bear Markets: Low STH CDD indicates reduced activity or accumulation as speculative behavior diminishes.
* Neutral Markets: Stable STH CDD values suggest balanced activity, reflecting neutral sentiment among short-term holders.

4\. Make Decisions

* During Bull Markets: Monitor rising STH CDD values for signs of speculative selling or profit-taking, signaling potential resistance levels or market tops.
* During Bear Markets: Use low STH CDD values to identify periods of reduced speculative activity or potential accumulation opportunities.
* During Neutral Markets: Observe stable STH CDD values to gauge short-term sentiment and prepare for potential directional moves.

## Tips:

1. Combine with Other Metrics:

Use STH CDD alongside metrics like LTH CDD, Dormancy Flow, and Spent Output Age Bands to gain a comprehensive view of holder behavior and market sentiment.

2. Track Speculative Behavior:

High STH CDD values during bull markets signal speculative activity, often aligning with volatility and profit-taking behavior.

3. Compare Historical Trends:

Analyze STH CDD trends across previous market cycles to identify recurring patterns and align strategies with historical data.

4. Assess Market Sentiment:

Rising STH CDD reflects increased speculative activity, while declines indicate reduced short-term holder engagement.

5. Monitor Market Calm:

Low STH CDD values during bearish phases may signal reduced speculative interest, aligning with market stabilization or accumulation.&#x20;

## How to Use the Indicator Effectively

* During Market Rallies: High STH CDD values reflect profit-taking or speculative selling, signaling confidence but also potential resistance levels.
* During Market Corrections: Low STH CDD values indicate reduced activity among short-term holders, often aligning with accumulation phases and market bottoms.
* During Consolidation Phases: Stable STH CDD values reflect balanced activity, supporting long-term planning and strategic positioning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Long-Term CDD

## Long-Term Holder Coin Days Destroyed (LTH CDD) Indicator

The Long-Term Holder Coin Days Destroyed (LTH CDD) is an on-chain metric that measures the activity of long-term holders by calculating the total "coin days destroyed" when their coins are moved. A "coin day" represents one coin held for one day without being moved. This metric is particularly useful for assessing the behavior of long-term holders, identifying distribution phases, and understanding their impact on market trends.

## Steps to Use the LTH CDD Metric

1\. Understand the Concept

* LTH CDD: The sum of coin days destroyed by long-term holders over a given period.
* Long-Term Holders (LTH): Entities holding coins for an extended period, typically reflecting greater market conviction.
* Relevance: Highlights the activity of long-term holders, helping to assess distribution, profit-taking, or market re-engagement.

2\. Interpret the LTH CDD Metric

* High LTH CDD: Indicates significant movement of older coins, often signaling distribution, profit-taking, or strategic selling by long-term holders.
* Low LTH CDD: Suggests minimal activity among long-term holders, reflecting confidence, accumulation, or market stability.
* Stable LTH CDD: Reflects consistent long-term holder behavior, often observed during periods of market equilibrium.

3\. Analyze Historical Patterns

* Bull Markets: Spikes in LTH CDD align with profit-taking or distribution by long-term holders, as older coins are moved during price surges.
* Bear Markets: Low LTH CDD indicates reduced activity, often aligning with accumulation phases or long-term holder confidence.
* Neutral Markets: Stable LTH CDD values suggest consistent behavior, reflecting market balance and long-term holder engagement.

4\. Make Decisions

* During Bull Markets: Monitor rising LTH CDD values for signs of distribution by long-term holders, signaling potential market tops or resistance levels.
* During Bear Markets: Use low LTH CDD values to identify accumulation phases, as long-term holders retain their coins.
* During Neutral Markets: Observe stable LTH CDD values to gauge long-term holder sentiment and market stability.

## Tips:

1. Combine with Other Metrics:

Use LTH CDD alongside metrics like Dormancy Flow, LTH Supply in Profit, and Spent Output Age Bands to gain a comprehensive view of long-term holder activity.

2. Track Distribution Phases:

High LTH CDD during bull markets signals distribution by long-term holders, often preceding price corrections or consolidation phases.

3. Compare Historical Trends:

Analyze LTH CDD trends across previous market cycles to identify recurring patterns and align strategies with historical data.

4. Assess Holder Sentiment:

Rising LTH CDD reflects increased activity among long-term holders, signaling potential shifts in sentiment or strategic behavior.

5. Monitor Market Impact:

Significant changes in LTH CDD often align with major market developments, such as halving events, sharp price movements, or macroeconomic changes.&#x20;

## How to Use the Indicator Effectively

* During Market Rallies: High LTH CDD values reflect profit-taking or distribution by long-term holders, signaling potential resistance levels or overbought conditions.
* During Market Corrections: Low LTH CDD values indicate reduced activity among long-term holders, aligning with accumulation phases and market bottoms.
* During Consolidation Phases: Stable LTH CDD values suggest consistent behavior by long-term holders, supporting market stability and long-term planning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Miners


# Difficulty Ribbon

## Difficulty Ribbon Indicator

The Difficulty Ribbon indicator is a visual representation of the mining difficulty trends over time, designed to provide insights into miner behavior, market dynamics, and potential buy opportunities. By plotting moving averages of mining difficulty, this indicator highlights periods of miner capitulation and network recovery, making it a valuable tool for long-term investors and market analysts.

## Steps to Use the Difficulty Ribbon Indicator

1\.  Understand the Concept:

* Difficulty Ribbon: A series of moving averages of mining difficulty plotted together to show compression (miner capitulation) and expansion (network recovery).
* Relevance: Reflects the health of the mining ecosystem and potential opportunities in the cryptocurrency market.

2\.  Interpret the Difficulty Ribbon Indicator:

* Ribbon Compression: Occurs when moving averages converge, signaling miner capitulation due to reduced profitability. This often aligns with price bottoms and potential buying opportunities.
* Ribbon Expansion: Occurs when moving averages diverge, indicating network recovery and increased miner profitability. This is often associated with price increases.
* Trend Shifts: Transitions from compression to expansion or vice versa can signal key turning points in the market.

3\.  Analyze Historical Patterns:

* Market Bottoms: Ribbon compression historically aligns with periods of market capitulation, offering high-probability entry points for long-term investors.
* Bull Market Transitions: Ribbon expansion often precedes sustained price rallies, reflecting increased network security and miner confidence.
* Mining Dynamics: Use historical ribbon patterns to understand miner behavior during different market cycles.

4\.  Make Decisions:

* During Compression: Consider accumulating assets during ribbon compression, as these periods often signal undervaluation.
* During Expansion: Use ribbon expansion to confirm bullish trends or evaluate exit strategies during extended rallies.
* Around Market Events: Monitor ribbon behavior during halvings, forks, or major market shifts for actionable insights.

## Tips:

* Combine with Other Indicators: Use the Difficulty Ribbon alongside metrics such as hash rate, difficulty, and price trends for a well-rounded analysis.
* Track Compression Duration: Longer compression periods may indicate deeper miner capitulation, presenting extended accumulation opportunities.
* Use Reliable Tools: Leverage analytics platforms or charting software to visualize and analyze the Difficulty Ribbon effectively.
* Evaluate in Context: Compare ribbon trends with broader market conditions and historical cycles to enhance decision-making.
* Monitor Miner Behavior: Ribbon compression often reflects high miner stress, while expansion indicates profitability and confidence.

## How to Use the Indicator Effectively

* Identify Buy Opportunities: Use ribbon compression as a signal for potential market bottoms and favorable accumulation periods.
* Confirm Market Trends: Use ribbon expansion to validate bullish market trends and assess network recovery.
* Optimize Investment Strategies: Combine ribbon insights with other indicators to refine entry and exit points in the market.

## Created By: Willie Woo


# Fee Ratio Multiple (FRM)

## Fee Ratio Multiple (FRM) Indicator

The Fee Ratio Multiple (FRM) is an on-chain metric that compares the total transaction fees generated on a blockchain to the rewards distributed to miners or validators. It provides insights into the sustainability of network security, the economic activity on the blockchain, and the reliance on block rewards versus transaction fees.&#x20;

## Steps to Use the Fee Ratio Multiple (FRM) Metric

1\. Understand the Concept

* FRM: Defined as the ratio of total miner rewards to transaction fees.
* Relevance: Highlights the proportion of network security or validation costs covered by transaction fees versus block rewards, offering insights into network sustainability.

2\. Interpret the Fee Ratio Multiple (FRM) Metric

* High FRM (> 1): Indicates that block rewards dominate miner income, suggesting a reliance on inflationary rewards rather than user-driven fees.
* Low FRM (< 1): Suggests that transaction fees significantly contribute to miner income, indicating high network usage and economic activity.
* Stable FRM (\~ 1): Reflects a balanced contribution from both transaction fees and block rewards, signaling sustainable network security.

3\. Analyze Historical Patterns

* Bull Markets: High economic activity often leads to increased transaction fees, lowering FRM as fees constitute a larger portion of total rewards.
* Bear Markets: Reduced transaction activity may increase FRM, as block rewards dominate miner/validator income.
* Network Maturity: As networks grow, FRM trends lower if transaction fees increase, reducing reliance on inflationary block rewards.

4\. Make Decisions

* During Bull Markets: Monitor decreasing FRM values as a sign of increased network usage and economic activity, which may support bullish sentiment.
* During Bear Markets: Use increasing FRM values to identify periods of reduced network usage, which may signal bearish sentiment or consolidation phases.
* For Long-Term Analysis: Evaluate FRM trends to assess the network's transition toward fee-based sustainability and reduced reliance on block rewards.

## Tips:

1. Combine with Other Metrics:

Use FRM alongside metrics like Transaction Fees, Hash Rate to gain a comprehensive understanding of network sustainability.

2. Track Network Maturity:

Monitor long-term FRM trends to identify shifts from block reward reliance to fee-based income, a key indicator of a network’s economic maturity.

3. Assess Network Usage:

Decreasing FRM during periods of high transaction fees indicates heightened network activity, reflecting user demand and economic growth.

4. Compare Historical Trends:

Analyze FRM values across market cycles to identify recurring patterns and align strategies with long-term network trends.

5. Evaluate Security Sustainability:

For the blockchain nearing block reward halvings,  FRM trends provide critical insights into the network's ability to maintain security through fees alone.&#x20;

## How to Use the Indicator Effectively

* During Bull Markets: Low FRM values signal increased fee contributions to miner often aligning with heightened network usage and bullish sentiment. Use these signals to assess network demand and user activity.
* During Bear Markets: High FRM values reflect reliance on block rewards, often coinciding with reduced transaction activity and bearish sentiment. Use these signals to evaluate network resilience during downturns.
* For Network Analysis: Stable or decreasing FRM values over time indicate a transition toward fee-based security, signaling a sustainable and user-driven network.

## Created By: David Puell


# Fees (Mean)

## Fees (Mean) Indicator

The Fees (Mean) indicator calculates the average transaction fee paid on the blockchain over a specific time period. This metric provides insights into network activity, congestion, and user demand, reflecting the costs associated with using the blockchain.

## Steps to Use the Fees (Mean) Indicator

1\.  Understand the Concept:

* Average Transaction Fee: Represents the mean fee paid per transaction during a given timeframe.
* Relevance: Highlights user demand and network congestion, as higher fees often result from increased competition for block space.

2\.  Interpret the Fees (Mean) Indicator:

* High Mean Fees: Indicate increased network demand, often due to heightened activity or congestion.
* Low Mean Fees: Suggest lower network demand or periods of reduced transaction competition.
* Trends Over Time: Analyze changes in mean fees to understand how user behavior and network conditions evolve.

3\.  Analyze Historical Patterns:

* Bull Markets: Mean fees often spike during bull runs due to increased transaction volume and urgency.
* Bear Markets: Lower mean fees typically align with reduced network activity and user demand.

4\.  Make Decisions:

* During Low Fees: Take advantage of reduced costs to execute transactions or manage on-chain activities.
* Assess Network Trends: Use fee trends to gauge overall user demand and network health.

## Tips:

* Combine with Transaction Volume: Pair mean fees with transaction count metrics to better understand the relationship between activity and costs.
* Monitor Peaks and Lulls: Track fee spikes and troughs to identify optimal transaction windows.
* Use Historical Data: Compare current mean fees with historical data to identify patterns during different market phases.

## How to Use the Indicator Effectively

* Evaluate Network Congestion: Use mean fees to assess how congested the network is and plan transactions accordingly.
* Identify Activity Trends: Monitor fee trends to understand shifts in user demand and transaction behavior.
* Optimize Costs: Time transactions during low-fee periods to reduce expenses and maximize efficiency.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Fees (Total)

## Fees (Total) Indicator

The Fees (Total) indicator calculates the aggregate transaction fees paid on the blockchain over a specific time period. This metric provides insights into the total revenue generated by the network, which can reflect overall activity, adoption, and miner or validator incentives.

## Steps to Use the Fees (Total) Indicator

1\.  Understand the Concept:

* Aggregate Transaction Fees: Represents the total amount of fees paid by all users during a specified timeframe.
* Relevance: Highlights the network’s profitability and activity levels, often linked to demand for block space.

2\.  Interpret the Fees (Total) Indicator:

* High Total Fees: Indicate high network activity or congestion, suggesting strong demand for transactions.
* Low Total Fees: Suggest reduced activity or ample block space availability.
* Revenue Trends: Analyze fee trends to understand how network usage and profitability evolve over time.

3\.  Analyze Historical Patterns:

* Bull Markets: Total fees often peak during periods of high activity, such as bull markets.&#x20;
* Bear Markets: Lower total fees typically coincide with reduced activity during market downturns.
* Network Upgrades: Significant changes in total fees may occur following protocol updates or fee structure changes.

4\.  Make Decisions:

* During High Fees: Monitor periods of increased fees to assess network congestion and prioritize essential transactions.
* During Low Fees: Utilize low-fee periods for cost-effective transactions or on-chain activities.

## Tips:

* Combine with Hash Rate: Pair total fees with hash rate metrics to understand miner incentives.
* Monitor Revenue Peaks: Track spikes in total fees during periods of high demand to identify usage trends.
* Use Historical Comparisons: Compare current total fees with past data to assess changes in network usage and economic health.
* Evaluate Sustainability: High fees may indicate strong demand but could also suggest scalability challenges.

## How to Use the Indicator Effectively

* Assess Network Revenue: Use total fees to evaluate the economic output of the blockchain.
* Identify Congestion Periods: Monitor fee spikes to determine periods of high demand and potential congestion.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Miner Revenue (Block Rewards)

## Miner Revenue (Block Rewards) Indicator

The Miner Revenue (Block Rewards) indicator measures the earnings of miners exclusively from block rewards over a specific period. This metric provides insights into network security, miner profitability, and the overall economic incentives driving network sustainability.

Revenue may drop after halving events, reflecting a decrease in block rewards and adjustments in miner profitability.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Miner Revenue (Fees)

## Miner Revenue (Fees) Indicator

The Miner Revenue (Fees) indicator measures the total transaction fees earned by miners over a specific period. This metric provides insights into network activity, demand for block space, and the economic incentives for miners beyond block rewards.

## Steps to Use the Miner Revenue (Fees) Indicator

1\.  Understand the Concept:

* Transaction Fees: Fees paid by users to include their transactions in a block, which are collected by miners.
* Relevance: Reflects the demand for block space, network congestion, and the economic sustainability of miner operations.

2\.  Interpret the Miner Revenue (Fees) Indicator:

* High Fees: Indicates high network activity and congestion, often during periods of increased demand or price volatility.
* Low Fees: Suggests reduced network usage or availability of ample block space, leading to lower competition among transactions.
* Trends Over Time: Analyze fee trends to assess changes in network activity and user behavior.

3\.  Analyze Historical Patterns:

* Bull Markets: Fees often increase due to higher transaction volumes and urgency during price rallies.
* Bear Markets: Fees typically decrease as transaction volumes and urgency decline.

4\.  Make Decisions:

* During High Fee Periods: Monitor for potential user dissatisfaction or network congestion, which could impact adoption.
* During Low Fee Periods: Evaluate the sustainability of miner incentives and potential impacts on network security.

## Tips:

* Combine with Transaction Volume: Pair fee data with transaction volume to gain a complete picture of network demand and activity.
* Monitor Fee-to-Reward Ratio: Analyze the proportion of fees to total miner revenue to understand the reliance on transaction fees.
* Use Historical Comparisons: Compare current fee trends with historical data to identify recurring patterns and anomalies.
* Consider Layer-2 Solutions: Monitor how adoption of scaling solutions like Lightning Network impacts fee revenues.

## How to Use the Indicator Effectively

* Assess Network Demand: Use fee trends to evaluate user activity, transaction urgency, and network congestion.
* Identify Market Phases: Monitor changes in fees to detect periods of high demand or declining activity.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Miner Revenue (Total)

## Miner Revenue (Total) Indicator

The Miner Revenue (Total) indicator measures the combined earnings of miners from both block rewards and transaction fees over a specific period. This metric provides insights into network security, miner profitability, and the overall economic incentives driving network sustainability.

## Steps to Use the Miner Revenue (Total) Indicator

1\.  Understand the Concept:

* Total Revenue: The sum of block rewards (newly minted coins) and transaction fees earned by miners.
* Relevance: Reflects the financial incentives for miners to maintain network security and process transactions, as well as the health of the network.

2\.  Interpret the Miner Revenue (Total) Indicator:

* High Revenue: Indicates strong network activity, high transaction volumes, and robust miner incentives.
* Low Revenue: Suggests reduced network activity or lower incentives for miners, which could impact network security.
* Trends Over Time: Analyze revenue changes to assess miner behavior and the economic health of the network.

3\.  Analyze Historical Patterns:

* Bull Markets: Total miner revenue often increases during price rallies due to higher transaction volumes and fees.
* Bear Markets: Revenue typically declines as transaction activity and block rewards reduce.
* Halving Events: Revenue may drop after halving events, reflecting a decrease in block rewards and adjustments in miner profitability.

4\.  Make Decisions:

* During High Revenue Periods: Monitor for potential miner sell-offs as they capitalize on higher earnings.
* During Low Revenue Periods: Evaluate the impact on network security and miner participation, especially during prolonged downturns.
* Validate Network Trends: Use this metric alongside other indicators to confirm changes in network activity and economic health.

## Tips:

* Combine with Hash Rate Data: Use miner revenue trends with hash rate to assess the relationship between earnings and network security.
* Monitor Fee-to-Reward Ratio: Analyze the proportion of fees within total revenue to understand shifts in miner earnings sources.
* Use Historical Comparisons: Compare current revenue trends with historical data to identify recurring patterns and market impacts.
* Account for External Factors: Consider macroeconomic conditions, energy prices, and regulatory changes influencing miner profitability.

## How to Use the Indicator Effectively

* Assess Network Sustainability: Use total revenue trends to evaluate the economic health and security of the network.
* Identify Market Cycles: Monitor changes in miner revenue to detect high activity periods or miner capitulation phases.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# PlanB


# PlanB Market Cycle

### Plan B Market Cycle Indicator

The Plan B Market Cycle framework visualizes Bitcoin’s multi‑year cycles by combining long‑term moving averages, valuation anchors, and momentum context to identify macro phases.

### Core Ideas

* Halving‑driven issuance step‑downs provide a structural backdrop
* Long‑term trend floors like the 200WMA anchor cyclical lows
* Valuation and momentum overlays add regime context

### How to Read It

* Recovery: Price reclaims Realized Price and trends toward the 200WMA
* Expansion: Persistent trade above long‑term baselines with strengthening momentum
* Euphoria/Late Cycle: Extended deviations above long‑term anchors and overheated momentum
* Contraction: Mean reversion toward long‑term floors and on‑chain cost basis

### Steps to Use

1. Identify regime via price relative to Realized Price and 200WMA
2. Cross‑check momentum overlays for confirmation
3. Monitor distance from baselines to gauge overheating vs value

### Tips

* Use in log scale for multi‑cycle context
* Combine with MVRV, NUPL, Delta Cap, and Realized Price

### Use Cases

* Macro allocation and risk management across cycle stages

##


# PlanB 200WMA Indicator

##

## 200-Week Moving Average (200WMA) Indicator

### Summary

The **200-Week Moving Average (200WMA)** is a long-term Bitcoin valuation benchmark.

* It smooths out price action by averaging the last 200 weeks.
* Serves as a **“floor” indicator** during bear markets.
* Highlights long-term trend growth independent of short-term volatility.

***

## Steps to Use the 200WMA Indicator

**1.  Understand the concept**

* Moving average: Arithmetic and geometric versions are used.
* Time horizon: 200 weeks ≈ 4 years (one halving cycle).
* Purpose: Identify Bitcoin’s long-term trajectory.

&#x20;**2.  Interpret the 200WMA Chart**

* Black line: 200-week arithmetic mean.
* Gray line: 200-week geometric mean.
* Colored dots (BTC Price): Represent months until halving

**3.  Analyze Historical Patterns**

* Bear market lows: Price often touches or slightly dips below 200WMA
* Bull markets: Price remains far above the moving average.
* Trend growth: 200WMA steadily rises, reflecting adoption and scarcity.

4\.  **Make Decisions**

* At or near 200WMA: Historically strong long-term accumulation zones.
* Above WMA: Reflects confidence, but watch for overheating.
* Compare arithmetic vs. geometric: Provides different valuation lenses.

&#x20;Tips

* Use 200WMA as a **macro floor model**.
* Track deviations to identify overvaluation or undervaluation.
* Combine with RSI to align timing with momentum.
* Monitor halving dots to anticipate supply-driven cycles.
* Prefer log scale charts to view exponential growth clearly.

***

***

## Created By

### Created By: This indicator is a widely recognized tool in Bitcoin technical analysis.


# PlanB Realized Price

### Summary

Plan B Realized Price overlays price with realized‑price based series per the custom specification.

### What the chart shows

* Price, Realized Price, 2‑Year Realized Price, STH Realized Price

### Why it matters

* Provides cost‑basis anchors for regime analysis

### Chart configuration

* Chart type: Custom
* X‑axis: Time
* Y‑axis: USD

### Styling and spec notes

* Implemented with Custom chart 3: Realized price. Multi‑line conventions and USD axis as specified‣.

### How to read it

* Price relative to realized‑price lines frames profitability and risk

### Related metrics

* Market Cap, MVRV, URPD


# PlanB Stock-to-Flow (S2F)

## PlanB Stock-to-Flow (S2F) Indicator

### Summary

The **Stock-to-Flow (S2F) indicator** measures Bitcoin’s scarcity by comparing its **circulating supply (stock)** to its **annual new issuance (flow)**.

* Each halving reduces new supply, making Bitcoin scarcer.
* The model links scarcity to long-term price trends.
* It is used to evaluate **valuation, cycles, and market behavior**.

***

## Steps to Use the Stock-to-Flow (S2F) Indicator

1\.  Understand the Concept

* Formula: S2F = Stock (circulating supply) ÷ Flow (annual issuance).
* Halvings matter: Every halving cuts supply issuance, pushing the S2F ratio higher.
* Why it matters: Assets with higher S2F (like gold) are scarce and often more valuable.

&#x20; 2\.  Interpret the Stock-to-Flow Indicator

* Gray step line: The S2F model projection, rising after each halving.
* Colored dots (BTC Price): Show the actual price, colored by months/days until next halving (red = far, blue = near).
* Deviation: If price is above the line → possible overheated market.

  If price is below the line → potential undervaluation.

&#x20; 3\.   Analyze Historical Patterns

* Price cycles: Bitcoin tends to oscillate around the S2F line.
* Bull markets: Price often overshoots far above the model.
* Bear markets: Price tends to dip below the model.
* Error line (white dotted): Tracks the degree of deviation, helping identify extremes.

&#x20; 4\.  Make Decisions

* Below the S2F line: Historically a good accumulation zone.
* Above the S2F line: Indicates potential overvaluation and risk of correction.
* Halving awareness: Expect shifts after halvings as new scarcity drives trends.
* Use with other data: Always combine S2F with demand metrics (e.g., active addresses, transaction counts).

## Tips

* Combine with demand-side indicators for a complete picture.
* Track deviations using the error line to spot overbought/oversold conditions.
* Focus on halvings — they are the main drivers of shifts in the S2F ratio.
* Use logarithmic scale charts to better visualize exponential growth.
* Compare with history to spot recurring patterns across cycles.

***

## Created By

### The Stock-to-Flow model was created by **PlanB** (pseudonymous Bitcoin analyst).


# PlanB RSI

##

## Tutorial: Bitcoin Relative Strength Index (RSI) Indicator

### Summary

The **Relative Strength Index (RSI)** is a momentum indicator that measures the speed and magnitude of Bitcoin’s price movements.

* It ranges from **0 to 100**, showing overbought or oversold conditions.
* High RSI often signals overheated markets; low RSI suggests undervaluation.
* RSI helps identify **short- to mid-term cycle turning points**.

***

## Steps to Use the Bitcoin RSI Indicator

1\. Understand the Concept

* RSI Formula: Compares average gains vs. average losses over a period.
* Scale: Above 70 = overbought; Below 30 = oversold.
* Relevance: Captures trader sentiment and market momentum.

2\. Interpret the RSI Chart

* Dots (RSI values): Colored by months until halving (red = far, blue = near).
* Yellow line: RSI average smoothing trend.
* High RSI peaks: Indicate overheated rallies.
* Low RSI troughs: Suggest accumulation opportunities.

3\. Analyze Historical Patterns

* Cycle tops: Often align with RSI > 90.
* Cycle bottoms: Commonly appear when RSI < 40.
* Halving connection: RSI patterns tend to reset and rise after halvings.

4\. Make Decisions

* During high RSI (>70): Be cautious, markets may correct.
* During low RSI (<40): Consider accumulation opportunities.
* Watch averages: Confirm short-term signals with the longer RSI average.

## Tips

* Use RSI with moving averages for stronger confirmations.
* Compare RSI peaks across cycles to spot repeating patterns.
* Monitor halving-colored dots for timing context.
* Combine with S2F or 200WMA for macro alignment.
* Avoid relying on RSI alone; context is essential.

## How to Use the Indicator Effectively

RSI helps detect **momentum shifts** and cycle extremes.\
It is best applied to:

* Identify potential tops (overbought).
* Spot bottoms (oversold).
* Align entries and exits with **cycle momentum** rather than only price.

***

## Created By

### Created By: The RSI was originally developed by **J. Welles Wilder Jr.** and adapted here for Bitcoin by PlanB.


# Plan B Various

### Plan B Various (Flagship Composite) Indicator

The Plan B Various composite combines multiple long‑horizon valuation and momentum anchors into one chart to contextualize Bitcoin’s macro cycles.

### Components

* Price: BTC/USD closing price
* RSI color map: momentum overlay highlighting overheated vs undervalued conditions
* 200WMA: long‑term trend floor proxy
* Realized Price: on‑chain average cost basis of holders
* Stock‑to‑Flow (S2F) projection: scarcity‑based model line

### How to Read It

* Price vs 200WMA: approaches to the 200WMA have historically aligned with deep value zones
* Price vs Realized Price: sustained reclaim of Realized Price often signals early bull recoveries
* RSI colors: red clusters warn of overheated conditions; green clusters highlight undervalued phases
* Price vs S2F: large positive deviations can indicate euphoria; negative deviations indicate discount to scarcity model

### Steps to Use

1\.  Establish Regime

* Price relative to Realized Price and 200WMA to frame bear, recovery, or bull regimes

2\.  Assess Over/Undervaluation

* Compare price to S2F and observe RSI coloring for momentum confirmation

3\.  Cross‑Validate

* Use Realized Price and 200WMA confluence to identify higher‑probability accumulation or risk‑off zones

### Tips

* Treat S2F as contextual, not predictive
* Favor long‑term log scale for cycle analysis
* Combine with MVRV, NUPL, and Delta Cap for valuation triangulation

### Use Cases

* Macro allocation timing, cycle stage assessment, and risk management

## Created By: Created by PlanB; underlying series from widely used market and on‑chain sources.


# Price & Valuation


# LTS NUPL

LTS NUPL (Long-Term Supply Net Unrealized Profit/Loss) measures unrealized profit or loss for LTS coins (held > 155 days) by comparing their market value to their realized value.

$$
\text{NUPL}*{\text{LTS}} = \frac{\text{Market Value}*{\text{LTS}} - \text{Realized Value}*{\text{LTS}}}{\text{Market Value}*{\text{LTS}}}
$$


# STS NUPL

STS NUPL (Short-Term Supply Net Unrealized Profit/Loss) captures the unrealized profit or loss of STS by comparing its market value to its realized value.

$$
\text{NUPL}*{\text{STS}} = \frac{\text{Market Value}*{\text{STS}} - \text{Realized Value}*{\text{STS}}}{\text{Market Value}*{\text{STS}}}
$$


# MVRV Z-Score

The MVRV Z-Score measures how far Market Cap deviates from Realized Cap, normalized by the historical volatility of Market Cap, to highlight extreme over- or undervaluation.

$$
Z = \frac{\text{Market Cap} - \text{Realized Cap}}{\sigma(\text{Market Cap})}
$$


# Delta Price

Delta Price is the per-coin equivalent of Delta Cap, obtained by dividing Delta Cap by the real circulating supply. It expresses the Delta Cap valuation model in price terms.

$$
\text{Delta Price} = \frac{\text{Delta Cap}}{\text{Real Supply}}
$$


# Top Price

Top Price is the per-coin equivalent of Top Cap, calculated by dividing Top Cap by the real circulating supply. It represents the upper-bound valuation expressed as a price level rather than a total capitalization.

$$
\text{Top Price} = \frac{\text{Top Cap}}{\text{Real Supply}}
$$


# Terminal Price

Terminal Price is a per-coin valuation linked to coin days destroyed (CDD); in your implementation it equals total CDD per unit of real supply scaled by a factor of 21.

$$
\text{Terminal Price} = \frac{\text{CDD}\_\text{total}}{\text{Real Supply}} \times 21
$$


# Balanced Price

Balanced Price is a per-coin valuation derived from Delta Cap by dividing it by the real circulating supply, giving a price level that blends realized and average-cap information.

$$
\text{Balanced Price} = \frac{\text{Delta Cap}}{\text{Real Supply}}
$$


# Delta Cap

Delta Cap measures the difference between Realized Cap and Average Cap, combining long-term on-chain cost basis with the lifetime average of market valuation.

$$
\text{Delta Cap} = \text{Realized Cap} - \text{Average Cap}
$$


# Top Cap

Top Cap is a valuation model that scales Bitcoin’s lifetime Average Cap by a fixed factor of 35 to estimate an upper-bound valuation level.

$$
\text{Top Cap} = \text{Average Cap} \times 35
$$


# Price OHLC

Price OHLC provides Bitcoin’s daily Open, High, Low, and Close values sourced directly from the Bitstamp exchange.


# Adjusted MVRV Ratio

Adjusted MVRV removes the realized cap of old age cohorts (measured in days) treated as lost coins, and then recomputes MVRV using only active supply.

$$
\text{MVRV}\_{\text{adj}} = \frac{\text{Market Cap}}{\text{Realized Cap} - \text{Lost Realized Cap}}
$$


# Long-Term Supply MVRV

LTS MVRV measures the valuation of coins held for more than 155 days, comparing the market value of Long-Term Supply (LTS) to its realized value based on the cost at which those coins last moved.

$$
\text{MVRV}*{\text{LTS}} = \frac{\text{Market Value}*{\text{LTS}}}{\text{Realized Value}\_{\text{LTS}}}
$$


# Short-Term Supply MVRV

STS MVRV measures the valuation of coins held for 155 days or less, comparing the market value of Short-Term Supply (STS) to its realized value to determine unrealized profit or loss among recent movers.

$$
\text{MVRV}*{\text{STS}} = \frac{\text{Market Value}*{\text{STS}}}{\text{Realized Value}\_{\text{STS}}}
$$


# MVRV Momentum Oscillator

The MVRV Momentum Oscillator measures how the current MVRV Ratio deviates from its 365-day simple moving average (SMA). It quantifies whether MVRV is accelerating above or falling below its long-term baseline. The oscillator is computed as:

$$
\text{Momentum} = \frac{\text{MVRV}}{\text{SMA}\_{365}(\text{MVRV})} - 1
$$

Positive values indicate that MVRV is above its annual average, while negative values show that it is below the long-term trend.


# Market Value to Realized Value Ratio (MVRV)

The MVRV Ratio compares Bitcoin’s market capitalization to its realized capitalization, showing how far the circulating supply is valued above or below its aggregate on-chain cost basis.

$$
\text{MVRV} = \frac{\text{Market Cap}}{\text{Realized Cap}}
$$


# Market Cap to Thermocap Ratio

## Market Cap to Thermocap Ratio Indicator

The Market Cap to Thermocap Ratio indicator compares the BTC market capitalization to its thermocap, providing insights into market valuation relative to miner earnings and network security costs. This metric helps assess whether the asset is overvalued or undervalued compared to historical trends.

## Steps to Use the Market Cap to Thermocap Ratio Indicator

1\. Understand the Concept:

* Market Cap: Represents the total value of all circulating coins, calculated as price multiplied by circulating supply.
* Thermocap: Represents the cumulative sum of miner revenues (block rewards) since the network’s inception.
* Relevance: Highlights the relationship between market valuation and miner earnings, reflecting network sustainability and market cycles.

2\. Interpret the Market Cap to Thermocap Ratio Indicator:

* High Ratio: Suggests the market cap is significantly higher than thermocap, potentially indicating overvaluation or speculative behavior.
* Low Ratio: Indicates the market cap is closer to thermocap, often reflecting undervaluation or accumulation phases.
* Trends Over Time: Analyze changes in the ratio to assess shifts in market sentiment and valuation.

3\. Analyze Historical Patterns:

* Bull Markets: The ratio often peaks during bull runs, signaling potential overvaluation and increased speculative activity.
* Bear Markets: The ratio typically decreases, reflecting undervaluation and accumulation by long-term participants.
* Market Cycles: Changes in this ratio often align with significant turning points in market trends.

4\. Make Decisions:

* During High Ratios: Consider reducing exposure or taking profits, as high ratios may signal market overheating.
* During Low Ratios: Evaluate accumulation opportunities, as low ratios often reflect undervaluation.
* Validate Market Sentiment: Use this metric alongside other indicators to confirm shifts in market valuation and sentiment.

## Tips:

* Combine with On-Chain Metrics: Use alongside metrics like SOPR, realized cap, and supply for a holistic view.
* Monitor Historical Extremes: Pay attention to past high and low ratio levels to identify potential market cycles.
* Use Historical Comparisons: Compare current ratio levels with historical data to assess market valuation trends.
* Contextualize with Network Activity: Consider miner behavior and external events impacting thermocap.

## How to Use the Indicator Effectively

* Assess Valuation Trends: Use the ratio to evaluate whether the asset is overvalued or undervalued compared to historical norms.
* Identify Market Cycles: Monitor changes in the ratio to detect transitions between accumulation, distribution, and speculative phases.
* Support Strategic Decisions: Incorporate insights from this indicator into portfolio management, trading strategies, and market analysis.

Created By Rafael Schultze-Kraft


# Market Cap

## Market Cap Indicator

The Market Cap indicator measures the total value of BTC by multiplying its current price by its circulating supply. It is one of the most widely used metrics for assessing the size and market dominance of a cryptocurrency.

## Steps to Use the Market Cap Indicator

1\. Understand the Concept:

* Market Capitalization: Represents the total valuation at a given point in time.
* Relevance: Provides a comparative metric for evaluating the size and significance of BTC.

2\. Interpret the Market Cap Indicator:

* High Market Cap: Indicates a large, established cryptocurrency with significant market presence.
* Low Market Cap: Suggests a smaller, potentially riskier asset with higher growth potential.
* Market Rankings: Use market cap to rank cryptocurrencies by size and dominance.

3\. Analyze Historical Patterns:

* Growth Trends: Track changes in market cap over time to assess adoption and investor confidence.
* Bull and Bear Markets: Market cap typically grows during bull markets and contracts during bear markets.

## Tips:

* Combine with Volume Metrics: Pair market cap with trading volume to analyze liquidity and investor activity.
* Monitor Market Cap Growth: Rapid growth in market cap can indicate increased adoption or speculative interest.
* Evaluate Relative Valuation: Compare market cap to metrics like ton-chain activity for deeper insights.
* Use Historical Comparisons: Assess how market cap changes align with major market events and cycles.

## How to Use the Indicator Effectively

* Identify Trends: Monitor market cap changes to track adoption and sentiment shifts.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Net unrealized profit/loss (NUPL)

## Net Unrealized Profit/Loss (NUPL) Indicator

The Net Unrealized Profit/Loss (NUPL) metric is a key on-chain indicator used to evaluate the profitability of the BTC market at any given time. It measures the difference between the market value and the realized value of coins, representing the unrealized gains or losses of market participants. NUPL is widely regarded as a tool to assess market sentiment, identify market phases, and anticipate potential trend reversals.

## Steps to Use the NUPL Metric

1\. Understand the Concept

* Net Unrealized Profit/Loss: Calculated as the difference between the current market value of coins and their realized value, divided by the market value.
* Relevance: Indicates whether the market is in a state of profit or loss and helps in gauging the overall sentiment of market participants.

2\. Interpret the NUPL Metric

* Positive NUPL: Suggests that the majority of coins are in unrealized profit, typically seen in bullish market conditions.
* Negative NUPL: Indicates that the majority of coins are in unrealized loss, often observed during bearish or capitulation phases.
* Threshold Zones: NUPL values are categorized into phases like euphoria/greed, belief/denial, optimism/anxiety, hope/fear, and capitulation.

3\. Analyze Historical Patterns

* Market Tops: Extremely high NUPL values (euphoria/greed zone) often align with market peaks as unrealized profits reach unsustainable levels.
* Market Bottoms: Low or negative NUPL values (capitulation zone) often coincide with market bottoms as unrealized losses dominate.
* Mid-Cycle Trends: Moderate NUPL values (belief/denial or hope/fear zones) indicate transitional phases in the market cycle.

4\. Make Decisions

* During Bull Markets: Monitor NUPL for signs of entering the euphoria/greed zone, as this may signal an impending market correction.
* During Bear Markets: Use negative NUPL values to identify capitulation phases, which often present buying opportunities.
* During Sideways Markets: Observe NUPL stability in transitional zones to anticipate potential breakout or breakdown scenarios.

## Tips:

* Combine with Other Metrics:

Use NUPL alongside realized price, market cap, and other on-chain indicators like MVRV and SOPR for a more comprehensive market analysis.

* Understand Thresholds:

Familiarize yourself with the NUPL thresholds and their historical significance to interpret market phases accurately.

* Leverage Historical Data:

Compare current NUPL values with historical market cycles to identify recurring patterns and anticipate potential outcomes.

* Track Whales and Large Holders:

Large holders significantly influence NUPL, especially during market extremes. Monitor their behavior for early signals of market shifts.

## How to Use the Indicator Effectively

* During Bull Market Peaks: High NUPL values in the euphoria/greed zone indicate that most participants are in significant unrealized profit. This often signals a market top, making it a good time to exercise caution or take profits.
* During Bear Market Bottoms: Negative NUPL values in the capitulation zone highlight that the majority of participants are at an unrealized loss. This often coincides with market bottoms, presenting potential buying opportunities.
* During Market Transitions: Moderate NUPL values in the hope/fear or belief/denial zones suggest a transitional phase in the market cycle. These periods are crucial for positioning ahead of the next major trend.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Pi Cycle Top Indicator

## Tutorial: Pi Cycle Top Indicator

The Pi Cycle Top Indicator is a technical analysis tool used to identify potential market cycle tops in the BTC market. It is based on the relationship between two moving averages of price: the 111-day simple moving average (SMA) and a 350-day moving average (SMA) multiplied by two. Historically, this indicator has proven effective in signaling the end of major bull market cycles.

## Steps to Use the Pi Cycle Top Indicator

1\. Understand the Concept:

* 111-Day SMA: A shorter-term moving average reflecting more recent price trends.
* 350-Day SMA (Multiplied by 2): A longer-term moving average smoothed and amplified to align with market cycle tops.
* Relevance: When the 111-day SMA crosses above the adjusted 350-day SMA, it often signals a market peak.

2\. Interpret the Pi Cycle Top Indicator:

* Crossovers:

  111-Day SMA Crosses Above: Historically signals a market top and the end of a bull cycle. ◦ 111-Day SMA Diverges Below: Indicates the market may be moving into a correction or consolidation phase.
* Timing: Peaks often occur within a few days of the crossover.

3\. Analyze Historical Patterns:

* Bull Market Tops: Study past crossovers to understand how closely they aligned with cycle tops.
* Market Cycles: Use the indicator to identify recurring patterns in bull and bear markets.
* False Signals: Be aware of instances where the indicator might not align perfectly with market peaks.

4\. Make Decisions:

* During Crossovers: Consider reducing exposure or taking profits when the 111-day SMA crosses above the adjusted 350-day SMA.
* After Divergence: Use this period to evaluate re-entry opportunities or prepare for market consolidation.
* Confirm with Other Indicators: Always corroborate signals from the Pi Cycle Top Indicator with other metrics and market context.

## Tips:

* Combine with Other Indicators: Use the Pi Cycle Top Indicator alongside volume trends, RSI, and sentiment metrics for more robust analysis.
* Monitor Regularly: Track the moving averages daily during market uptrends to anticipate potential crossovers.
* Historical Comparisons: Review how this indicator performed in past cycles to understand its reliability.
* Avoid Overreliance: Treat this as one tool in your analysis toolbox rather than the sole basis for decisions.

## How to Use the Indicator Effectively

1. Identify Bull Cycle Tops: Use crossovers as a signal to evaluate the market’s overbought conditions and potential peak.
2. Refine Exit Strategies: Plan profit-taking strategies around crossover events.
3. Support Decision-Making: Combine this indicator with other tools and market context to confirm signals.

## Created By: Philip Swift.


# Price

## Price Indicator

The Price indicator is the most fundamental in the market, representing the value of BTC at day closing (UTC)&#x20;

Source: Bitstamp (from 2012 onwards).

##

##


# Price Drawdown from ATH

## Price Drawdown from ATH Indicator

The Price Drawdown from ATH (All-Time High) indicator measures the percentage decline in the Price from its historical peak value. This metric is widely used to evaluate market corrections, identify periods of undervaluation, and assess the potential for recovery.

## Steps to Use the Price Drawdown from ATH Indicator

1\. Understand the Concept:

* Drawdown Metric: Represents the percentage drop from BTC all-time high to its current price.
* Relevance: Highlights market corrections, bearish trends, and potential buying opportunities.

2\. Interpret the Price Drawdown from ATH Indicator:

* Large Drawdowns: Indicate significant corrections, often signaling undervaluation or market capitulation.
* Small Drawdowns: Suggest minor corrections or strong price resilience.
* Recovery Trends: Monitor decreasing drawdowns to identify price recovery phases.

3\. Analyze Historical Patterns:

* Bear Markets: Drawdowns tend to be at their largest during prolonged bearish conditions.
* Bull Market Recoveries: As markets recover, drawdowns shrink, reflecting improving sentiment and demand.
* Cycle Peaks: Minimal drawdowns often align with bull market tops.

4\. Make Decisions:

* During Large Drawdowns: Evaluate potential accumulation opportunities, especially if the asset shows signs of stabilization.
* During Recovery Phases: Monitor reducing drawdowns to confirm bullish momentum.
* Set Risk Thresholds: Use drawdown levels to assess risk and set stop-loss or re-entry points.

## Tips:

* Combine with Sentiment Metrics: Use alongside indicators like Fear & Greed to gauge market emotions during drawdowns.
* Monitor Key Levels: Compare current drawdowns to historical averages to identify significant deviations.
* Historical Comparisons: Analyze past drawdowns during similar market cycles to assess recovery potential.
* Set Alerts: Configure alerts for specific drawdown levels to stay informed about market conditions.

## How to Use the Indicator Effectively

* Identify Undervaluation: Use large drawdowns as potential buying signals during periods of market stress.
* Monitor Recovery Trends: Track decreasing drawdowns to confirm price stabilization and upward momentum.
* Plan Risk Management: Incorporate drawdown thresholds into your risk management and trading strategies.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Realized Cap

## Realized Cap Indicator

The Realized Cap is an on-chain metric that calculates the market capitalization of BTC based on the acquisition price of each coin rather than its current market price. It provides insights into the value stored in the network and helps participants assess market cycles, holder behavior, and periods of overvaluation or undervaluation.

## Steps to Use the Realized Cap Metric

1\. Understand the Concept

* Realized Cap: Calculated by summing the acquisition price of all UTXOs (Unspent Transaction Outputs) in the network:
* Coins are valued at the price they last moved rather than the current market price.
* Relevance: Highlights the actual value invested in the network, smoothing out short-term price fluctuations and speculative excess.

2\. Interpret the Realized Cap Metric

* Rising Realized Cap: Indicates new capital inflows into the network, often seen during accumulation phases or bull market recoveries.
* Falling Realized Cap: Reflects capital outflows, suggesting capitulation or loss realization by holders during bear markets.
* Stable Realized Cap: Suggests a balance between capital inflows and outflows, often observed during consolidation phases.

3\. Analyze Historical Patterns

* Bull Markets: The Realized Cap tends to rise steadily as new capital enters the market, supporting price appreciation and network growth.
* Bear Markets: A flattening or declining Realized Cap indicates loss realization and reduced market activity, often aligning with market bottoms.
* Accumulation Phases: Sustained increases in Realized Cap during periods of price stability indicate strategic accumulation by long-term holders.

4\. Make Decisions

* During Bull Markets: Use rising Realized Cap as confirmation of sustained capital inflows, supporting bullish sentiment and price trends.
* During Bear Markets: Monitor flattening or declining Realized Cap for signs of capitulation, signaling potential bottoming phases and accumulation opportunities.
* During Neutral Markets: Observe Realized Cap stability to assess market equilibrium and long-term holder confidence.

## Tips:

* Combine with Other Metrics:

Use Realized Cap alongside metrics like Market Cap, MVRV Ratio, and Realized Price for a comprehensive understanding of market valuation.

* Track Capital Inflows and Outflows:

Rising Realized Cap indicates new investments, while declines signal capitulation or loss realization, helping to assess market sentiment.

* Compare Historical Trends:

Analyze Realized Cap trends during previous market cycles to identify recurring behaviors and align strategies with historical patterns.

* Identify Accumulation and Distribution Phases:

Steady increases in Realized Cap during bear markets often signal accumulation, while flattening during bull markets may indicate distribution.

## How to Use the Indicator Effectively

* During Market Tops: Compare Realized Cap with Market Cap to identify speculative excess, which may signal overvaluation and heightened risk.
* During Market Bottoms: Monitor Realized Cap stability or gradual increases as signs of accumulation and long-term confidence among holders.
* During Consolidation Phases: Stable Realized Cap reflects balanced market activity, supporting confidence in the network’s long-term value.

## Created By: Antoine Le Calvez


# Realized price LTS

## **Realized Price (LTS) Indicator**

The Realized Price (LTS – Long-Term Supply) is a key on-chain valuation metric that measures the average acquisition cost of coins held by long-term holders. Unlike market price, which fluctuates based on current trading activity, realized price assigns a value to each coin based on the last time it moved on-chain. By focusing on the long-term supply, this indicator highlights investor conviction, market stability, and potential turning points driven by seasoned participants.<br>

## Steps to Use the Realized Price (LTS) Metric

1\. Understand the Concept:

* Realized Price (LTS): The total realized cap of long-term holder coins divided by the total long-term holder supply. It represents the average cost basis of investors holding for the long term (often defined as coins unmoved for 155+ days).
* Relevance: Serves as a baseline for long-term investor sentiment and conviction, providing insights into whether the market is trading above or below their average entry price.<br>

2\. Interpret the Realized Price (LTS) Metric:

* Market Price Above LTS Realized Price: Indicates long-term holders are in profit, often signaling bullish momentum and network strength.
* Market Price Below LTS Realized Price: Suggests long-term holders are, on average, underwater — historically associated with bear market lows or capitulation phases.
* Flat or Rising LTS Realized Price: Reflects renewed accumulation and increasing confidence among long-term investors.

3\. Analyze Historical Patterns:

* Bear Market Bottoms: Market price dipping below LTS realized price has often aligned with macro bottoms, where long-term holders endure losses.
* Bull Market Phases: Sustained periods of market price staying above LTS realized price signal healthy uptrends and long-term conviction.
* Capitulation & Recovery: Sharp declines below LTS realized price, followed by recoveries above it, often mark major turning points in market cycles.

4\. Make Decisions:

* During Bull Markets: Price significantly above LTS realized price can confirm strong investor confidence, but also caution for potential overheated conditions.
* At Market Lows: When price falls below LTS realized price, it may present accumulation opportunities, historically preceding strong recoveries.
* During Transition Phases: Crossovers between market price and LTS realized price often indicate upcoming volatility and shifts in market structure.

## Tips:

* Combine with Other Metrics: Use alongside MVRV, SOPR, or long/short-term supply ratios for a deeper understanding of investor behavior.
* Track Crossovers: Pay special attention when market price crosses above or below LTS realized price — these points often mark inflection zones.
* Watch Long-Term Trends: A steadily rising LTS realized price generally reflects strong, consistent accumulation by long-term holders.
* Context Matters: The signal strength can vary across cycles and should be interpreted within broader macroeconomic and market conditions.

## Created By: The Realized Price (LTS) indicator is a widely respected valuation tool in blockchain and on-chain analytics.


# Realized price STS

## Realized Price (STS) Indicator

The Realized Price (STS – Short-Term Supply) is an on-chain valuation metric that calculates the average acquisition cost of coins held by short-term holders. Unlike long-term holders, short-term supply typically includes coins moved within the last 155 days. This metric reflects the behavior of newer or more reactive market participants and provides valuable insights into short-term sentiment, potential support and resistance levels, and market momentum.

## Steps to Use the Realized Price (STS) Metric

1\. Understand the Concept:

* Realized Price (STS): The total realized cap of coins held by short-term holders divided by the total short-term holder supply. It represents the average cost basis of investors who have entered the market relatively recently.
* Relevance: Helps track the profitability and behavior of newer market participants, who often drive short-term volatility and momentum.

2\. Interpret the Realized Price (STS) Metric:

* Market Price Above STS Realized Price: Indicates short-term holders are in profit, often leading to increased selling pressure or trend continuation.
* Market Price Below STS Realized Price: Suggests short-term holders are at a loss, commonly associated with capitulation, fear, or reduced sell-side pressure.
* Rising STS Realized Price: Reflects recent buying at higher prices, often during bullish phases.
* Declining STS Realized Price: Implies newer market participants are accumulating at lower levels, typically during corrections or bear phases.

3\. Analyze Historical Patterns:

* Support & Resistance Levels: The STS realized price frequently acts as a dynamic support or resistance level for market price.
* Capitulation Zones: Extended periods where price remains below STS realized price often indicate market stress and potential local bottoms.
* Momentum Shifts: Crossovers between market price and STS realized price can signal changes in short-term sentiment and trend direction.

4\. Make Decisions:

* During Bull Markets: When market price is comfortably above STS realized price, short-term holders are profitable, suggesting trend strength.
* At Local Bottoms: Market price dipping below STS realized price may highlight capitulation zones and potential re-accumulation opportunities.
* During Uncertain Phases: Watch closely for crossovers, as they often precede short-term volatility or momentum shifts.

## Tips:

* Pair with LTS Realized Price: Comparing STS and LTS realized prices provides a clearer picture of short- vs long-term holder dynamics.
* Watch Short-Term Volatility: STS holders tend to react more quickly to price changes, making this metric a strong leading indicator of momentum shifts.
* Identify Risk Zones: Rapid rises in STS realized price during late-stage bull markets may signal overheated conditions.
* Context is Key: Interpret within the broader cycle — STS is more sensitive to short-term shifts, while LTS provides structural context.
* Regular Monitoring: Use analytics platforms to track STS realized price in real time, as it often changes faster than LTS metrics

## Created By: The Realized Price (STS) indicator is a widely recognized tool in blockchain analytics.


# Thermocap

## Thermocap Indicator

The Thermocap indicator measures the cumulative earnings of miners from block rewards since the inception of a cryptocurrency. This metric provides insights into the cost of securing the network, miner profitability, and the relationship between market capitalization and miner incentives.

## Steps to Use the Thermocap Indicator

1\. Understand the Concept:

* Thermocap: The total sum of block rewards earned by miners over time, expressed in the cryptocurrency’s native units.
* Relevance: Reflects the total historical cost of securing the network and the cumulative rewards distributed to miners.

2\. Interpret the Thermocap Indicator:

* High Thermocap: Indicates a significant amount of miner rewards have been distributed, reflecting network growth and longevity.
* Low Thermocap: Suggests a relatively new or low-reward network, with lower historical mining costs.
* Trends Over Time: Analyze thermocap growth to assess the relationship between network security costs and market value.

3\. Analyze Historical Patterns:

* Network Maturity: Older networks with longer mining histories typically have higher thermocap values.
* Bull Markets: The growth of thermocap may accelerate as more rewards are distributed during high activity periods.
* Halving Events: The rate of thermocap growth may slow after halvings due to reduced block rewards.

4\. Make Decisions:

* During High Thermocap Periods: Evaluate the sustainability of miner incentives and the relationship between thermocap and market capitalization.
* During Low Thermocap Periods: Consider the implications for network security in newer or lower-reward networks.
* Validate Network Health: Use this metric alongside other indicators to confirm trends in network security and miner profitability.

## Tips:

* Combine with Market Cap: Analyze the ratio of market cap to thermocap to evaluate market valuation relative to network security costs.
* Monitor Historical Trends: Compare thermocap growth over time with network milestones and market cycles.
* Account for External Factors: Consider regulatory changes, energy prices, and technological advancements influencing mining costs.
* Use with Miner Revenue: Pair thermocap data with miner revenue metrics to assess long-term miner profitability.

## How to Use the Indicator Effectively

* Assess Network Security Costs: Use thermocap trends to evaluate the cumulative cost of maintaining network security.
* Identify Market Cycles: Monitor changes in thermocap growth relative to market capitalization to detect valuation trends.
* Support Strategic Decisions: Incorporate insights from this indicator into network evaluations, investment strategies, and miner behavior models.

## Created By Rafael Schultze-Kraft


# Realized Price

## Realized Price Indicator

The Realized Price is an on-chain metric that represents the average price at which all coins in the circulating supply were last transacted. It provides insights into market valuation, holder behavior, and key support or resistance levels. This metric is widely used to assess market sentiment and identify undervaluation or overvaluation phases.

## Steps to Use the Realized Price Metric

1\. Understand the Concept

* Realized Price: Calculated as the ratio of the Realized Cap to the total circulating supply:
* Realized Cap: The aggregate value of UTXOs at their acquisition prices.
* Relevance: Reflects the average acquisition cost of all coins, offering insights into the price levels at which market participants are collectively in profit or loss.

2\. Interpret the Realized Price Metric

* Market Price > Realized Price: Indicates that the majority of coins are in profit, often observed during bull markets and periods of strong demand.
* Market Price < Realized Price: Suggests that the majority of coins are at a loss, typically seen during bear markets and capitulation phases.
* Market Price ≈ Realized Price: Reflects market equilibrium, often observed during consolidation or accumulation phases.

3\. Analyze Historical Patterns

* Bull Markets: The market price often stays well above the Realized Price, reflecting widespread profitability and bullish sentiment.
* Bear Markets: The market price frequently drops below the Realized Price, signaling capitulation and undervaluation.
* Accumulation Phases: Market price hovering near the Realized Price indicates strategic buying by long-term holders and market stabilization.

4\. Make Decisions

* During Bull Markets: Use the Realized Price as a key support level, indicating areas where buyers historically step in to maintain upward momentum.
* During Bear Markets: Monitor when the market price crosses above the Realized Price, signaling potential recovery and bullish sentiment.
* During Consolidation Phases: Observe the Realized Price as an equilibrium level, providing a baseline for market valuation and accumulation opportunities.

## Tips:

* Combine with Other Metrics:

Use Realized Price alongside metrics like Market Price, MVRV Ratio, and Realized Cap for a comprehensive view of market valuation and sentiment.

* Identify Undervaluation Zones:

When the market price is below the Realized Price, it often indicates undervaluation and strategic buying opportunities.

* Compare Historical Trends:

Analyze how the Realized Price has behaved in previous market cycles to identify recurring patterns and align strategies with historical data.

* Track Profitability:

Realized Price helps assess the overall profitability of the network by comparing the current market price to the average acquisition price.

* Monitor Key Levels:

Use Realized Price as a dynamic support or resistance level to evaluate potential price movements and market turning points.

## How to Use the Indicator Effectively

* During Market Tops: If the market price deviates significantly above the Realized Price, it indicates potential overvaluation and heightened risk of corrections.
* During Market Bottoms: When the market price is below the Realized Price, it reflects undervaluation and potential accumulation phases.
* During Consolidation Phases: The market price near the Realized Price suggests equilibrium, providing a stable foundation for long-term planning and investment strategies.

## Created By: Antoine Le Calvez


# URPD

## URPD (ATH-Partitioned) Indicator

The URPD (ATH-Partitioned) is an on-chain metric that visualizes the realized price distribution of UTXOs (Unspent Transaction Outputs) based on their acquisition prices, segmented relative to the all-time high (ATH) price. It provides insights into market participation at various price levels, helping to identify accumulation zones, distribution phases, and potential support or resistance levels.

## Steps to Use the URPD (ATH-Partitioned) Metric

1\. Understand the Concept

* URPD (ATH-Partitioned): Categorizes the realized price of UTXOs into price ranges relative to the all-time high (e.g., below 50% of ATH, between 50%–100% of ATH, above ATH). Each segment reflects the volume of coins acquired within that price range.
* Relevance: Highlights the activity of market participants at different price levels and their behavior relative to the ATH, offering insights into accumulation, distribution, and speculative activity.

2\. Interpret the URPD (ATH-Partitioned) Metric

* High Volume Below 50% of ATH: Indicates strong accumulation by participants who acquired coins significantly below the ATH, often reflecting long-term holders or strategic investors.
* High Volume Between 50%–100% of ATH: Reflects significant activity from participants who bought during upward trends toward the ATH, indicating mid-cycle accumulation or speculative interest.
* High Volume Above ATH: Suggests speculative or euphoric buying during bull market peaks, often aligning with heightened market risk or distribution by long-term holders.

3\. Analyze Historical Patterns

* Bull Markets: High volume near or above the ATH often aligns with speculative excess, signaling distribution phases or overvaluation.
* Bear Markets: High volume well below the ATH reflects accumulation zones where long-term holders and strategic investors are active.
* Market Transitions: Changes in volume distribution between segments can signal shifts in sentiment, such as increased accumulation during downturns or distribution during rallies.

4\. Make Decisions

* During Bull Markets: Monitor volume spikes above the ATH for signs of speculative activity or distribution, which may signal market tops or resistance zones.
* During Bear Markets: Use high volume below 50% of ATH to identify accumulation zones, signaling potential market bottoms and strategic buying opportunities.
* During Consolidation Phases: Observe shifts in volume distribution between segments to anticipate transitions between accumulation and distribution phases.

## Tips:

* Combine with Other Metrics:

Use URPD (ATH-Partitioned) alongside metrics like NUPL (Net Unrealized Profit/Loss), Realized Cap, and RHODL Ratio for a comprehensive view of market sentiment and participant behavior.

* Track Key Price Levels:

Focus on segments near critical price thresholds (e.g., 50% of ATH or ATH) to identify potential support or resistance zones.

* Compare Historical Trends:

Evaluate current distribution patterns against previous market cycles to identify recurring behaviors and align strategies with past trends.

* Identify Accumulation Zones:

High volume well below the ATH often indicates strong buying activity by long-term holders, signaling potential accumulation phases.

* Recognize Distribution Phases:

Volume spikes near or above the ATH often reflect speculative behavior or profit-taking, offering early warnings of potential market corrections.

## How to Use the Indicator Effectively

* During Market Tops: High volume near or above the ATH reflects speculative activity or distribution, often aligning with market peaks. Use these signals to manage risk and prepare for potential corrections.
* During Market Bottoms: High volume well below the ATH suggests strong accumulation, often aligning with strategic buying opportunities and recovery phases.
* During Transition Phases: Changes in volume distribution between price segments can indicate shifts in market sentiment, helping participants anticipate transitions between bullish and bearish trends.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spend Outputs


# LTS SOPR

LTS SOPR (Long-Term Supply Spent Output Profit Ratio) tracks realized profit or loss for LTS coins by comparing their spent value to their realized acquisition value.

$$
\text{SOPR}*{\text{LTS}} = \frac{\text{Spent Value}*{\text{LTS}}}{\text{Realized Value}\_{\text{LTS}}}
$$


# STS SOPR

STS SOPR (Short-Term Supply Spent Output Profit Ratio) tracks whether STS coins are being spent at a profit or loss by comparing their spent value to their realized acquisition value.

$$
\text{SOPR}*{\text{STS}} = \frac{\text{Spent Value}*{\text{STS}}}{\text{Realized Value}\_{\text{STS}}}
$$


# aSOPR

## Adjusted Spent Output Profit Ratio (aSOPR) Indicator

The Adjusted Spent Output Profit Ratio (aSOPR) indicator measures the profitability of spent outputs, adjusted to exclude outputs with a lifespan of less than one hour. This metric provides insights into market behavior, profitability trends, and sentiment among holders.

## Steps to Use the aSOPR Indicator

1\.  Understand the Concept:

* Spent Output Profit Ratio (SOPR): The ratio of the realized value (price at the time of spending) to the value at creation (price at the time of acquisition).
* Adjusted SOPR (aSOPR): Excludes outputs with a lifespan of less than one hour to focus on more meaningful transactions and avoid noise from rapid movements.
* Relevance: Highlights the profitability of long-term and mid-term holders and helps assess overall market sentiment.

2\.  Interpret the aSOPR Indicator:

* aSOPR > 1: Indicates holders are selling at a profit, often seen during bullish market conditions.
* aSOPR < 1: Suggests holders are selling at a loss, typically observed in bearish markets or during capitulation phases.
* aSOPR = 1: Reflects break-even conditions where the realized price equals the acquisition price.

3\.  Analyze Historical Patterns:

* Bull Markets: aSOPR consistently above 1 indicates sustained profitability and bullish sentiment.
* Bear Markets: aSOPR frequently below 1 reflects losses and potential capitulation.
* Market Transitions: Sudden shifts in aSOPR can signal key turning points, such as the onset of recovery or a market peak.

4\.  Make Decisions:

* During aSOPR > 1: Monitor for profit-taking behavior, which could lead to resistance levels in the market.
* During aSOPR < 1: Evaluate accumulation opportunities as holders realize losses, potentially signaling undervaluation.
* Validate Market Trends: Use aSOPR alongside other indicators to confirm shifts in market sentiment and profitability.

## Tips:

* Combine with SOPR: Use aSOPR in conjunction with unadjusted SOPR for a complete view of market profitability.
* Monitor Threshold Levels: Pay attention to levels around 1, as they often act as psychological support or resistance.
* Use Historical Comparisons: Compare current aSOPR trends with historical data to identify recurring patterns and potential market cycles.
* Contextualize with Market Events: Consider macroeconomic conditions, significant announcements, or network changes influencing profitability.

## How to Use the Indicator Effectively

* Gauge Profitability Trends: Use aSOPR to assess whether the market is dominated by profit-taking or loss realization.
* Identify Market Cycles: Monitor changes in aSOPR to detect transitions between bullish and bearish phases.
* Support Strategic Decisions: Incorporate insights from this indicator into trading strategies, portfolio management, and market analysis.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# SOPR

## SOPR (Spent Output Profit Ratio) Indicator

The SOPR (Spent Output Profit Ratio) is a vital on-chain metric used to assess the profitability of coins being transacted on the blockchain. It compares the selling price of coins to their acquisition price, providing insights into market sentiment and the behavior of participants.

## Steps to Use the SOPR Indicator

1\.  Understand the Concept:

* Profitability Metric: SOPR measures whether transacted coins are being sold at a profit or a loss.
* Relevance: Indicates market sentiment and helps identify potential trend reversals.

2\.  Interpret the SOPR Indicator:

* SOPR > 1: Coins are being sold at a profit, indicating bullish sentiment.
* SOPR < 1: Coins are being sold at a loss, indicating bearish sentiment or capitulation.
* Near 1: Reflects breakeven points where market participants are neither profiting nor incurring losses.

3\.  Analyze Historical Patterns:

* Bull Markets: SOPR often stays consistently above 1 during bullish trends, reflecting sustained profitability.
* Bear Markets: SOPR frequently dips below 1, signaling loss-taking and potential capitulation.
* Trend Reversals: Sharp shifts in SOPR values can indicate impending market turnarounds.

4\.  Make Decisions:

* During SOPR > 1: Confirm bullish trends and consider increasing exposure to the market.
* During SOPR < 1: Evaluate potential buying opportunities, especially during capitulation phases.
* Monitor Breakouts: Watch for sustained movements above or below 1 to validate market direction.

## Tips:

* Combine with Volume Data: Pair SOPR with transaction volume to strengthen trend confirmations.
* Track Market Cycles: Use SOPR alongside other indicators like RSI and moving averages to analyze market phases.
* Avoid Isolated Decisions: Use SOPR in conjunction with broader market analysis for a comprehensive view.
* Historical Comparisons: Compare current SOPR trends with previous cycles to identify similarities and anomalies.

## How to Use the Indicator Effectively

* Evaluate Sentiment: Use SOPR values to assess whether the market is dominated by profit-taking or loss-cutting behavior.
* Identify Trend Reversals: Monitor for sharp shifts in SOPR to anticipate potential market turning points.
* Refine Strategies: Incorporate SOPR insights into your trading or investment strategies to optimize entry and exit points.

## Created By: Renato Shirakashi


# Spent Output Age Bands

## Spent Output Age Bands Indicator

The Spent Output Age Bands (SOAB) is an on-chain metric that categorizes spent transaction outputs (UTXOs) based on the age of the coins involved. It provides insights into the activity of short-term versus long-term holders, allowing market participants to understand behavioral trends and potential market movements. SOAB is particularly valuable for identifying phases of accumulation, distribution, and capitulation.

## Steps to Use the Spent Output Age Bands Metric

1\. Understand the Concept

* Spent Output Age Bands: Tracks the age of UTXOs (coins) at the time they are spent and groups them into predefined age ranges (e.g., less than 1 day, 1 week–1 month, 1 year–2 years).
* Relevance: Provides insights into which holder groups (short-term vs. long-term) are active in the market and their impact on price trends.

2\. Interpret the Spent Output Age Bands

* High Activity in Short-Term Bands: Indicates that short-term holders or recent buyers are dominating market activity, often seen during speculative phases or volatile markets.
* High Activity in Long-Term Bands: Suggests that long-term holders are taking profits or exiting positions, often observed near market tops or during capitulation events.
* Low Overall Activity: Reflects reduced market activity, often seen during accumulation phases or periods of consolidation.

3\. Analyze Historical Patterns

* Market Tops: Spikes in long-term holder spending (older age bands) typically align with market tops, as these participants take profits during high prices.
* Market Bottoms: High activity in short-term age bands during downturns can indicate panic selling or capitulation by recent buyers.
* Accumulation Phases: Reduced activity across most age bands signals accumulation as holders prefer to retain their coins.

4\. Make Decisions

* During Bull Markets: Monitor spikes in older age bands to anticipate potential market tops, as long-term holders may take profits.
* During Bear Markets: Increased activity in younger age bands can signal capitulation, presenting potential buying opportunities for long-term investors.
* During Sideways Markets: Observe overall age band activity to identify transitions between accumulation and distribution phases.

## Tips:

* Combine with Other Metrics:

Use SOAB alongside metrics like Realized Cap for a comprehensive view of market sentiment and holder behavior.

* Track Long-Term Holder Behavior:

High activity in long-term age bands often signals significant market events, such as profit-taking during bull runs or capitulation during bear markets.

* Analyze Historical Trends:

Compare current SOAB patterns with historical data to identify recurring behaviors and their impact on market trends.

* Focus on Short-Term Activity:

Spikes in short-term age bands often indicate speculative behavior or panic selling, providing clues about short-term market volatility.

## How to Use the Indicator Effectively

* During Market Tops: Increased activity in long-term age bands indicates profit-taking by long-term holders, often signaling a market top. These periods warrant caution and consideration of risk management strategies.
* During Capitulation Phases: High activity in short-term age bands during market downturns suggests panic selling by recent buyers, marking potential market bottoms and favorable conditions for accumulation.
* During Accumulation Phases: Reduced activity across all age bands reflects market stability and accumulation, providing opportunities for long-term investors to position for future growth.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Outputs < 1h

## Spent Outputs < 1 Hour Indicator

The Spent Outputs < 1 Hour metric is an on-chain indicator that tracks the number of spent transaction outputs (UTXOs) that are less than 1 hour old. It provides insights into high-frequency trading activity, short-term holder behavior, and potential speculative phases in the BTC market. This metric is particularly useful for identifying heightened market activity or speculative bubbles.

## Steps to Use the Spent Outputs < 1 Hour Metric

1\. Understand the Concept

* Spent Outputs < 1 Hour: Measures the frequency of coins spent within 1 hour of their creation, focusing on short-term transactional behavior.
* Relevance: Highlights speculative activity or high-frequency trading, often driven by short-term holders or traders reacting to market events.

2\. Interpret the Spent Outputs < 1 Hour Metric

* High Activity: Suggests increased short-term trading or speculative behavior, typically observed during market volatility or sudden price movements.
* Low Activity: Indicates reduced short-term transactional activity, often reflecting market stability or long-term holder dominance.
* Spikes in Activity: May signal news-driven events, speculative frenzies, or liquidation cascades.

3\. Analyze Historical Patterns

* Market Volatility: Spikes in this metric often align with periods of high market volatility, including sharp price increases or decreases.
* Speculative Phases: Sustained high activity in Spent Outputs < 1 Hour reflects heightened speculative behavior, often near market tops.
* Quiet Markets: Low activity levels are common during accumulation phases or periods of market consolidation.

4\. Make Decisions

* During Bull Markets: Monitor spikes in this metric for signs of speculative excess, which may indicate potential market corrections.
* During Bear Markets: Increased activity during downtrends can signal panic selling or liquidation events, presenting opportunities for long-term positioning.
* During Stable Markets: Low activity in Spent Outputs < 1 Hour reflects market calmness, often signaling accumulation phases or a lack of speculative interest.

## Tips:

1. Combine with Other Metrics:

Use Spent Outputs < 1 Hour alongside metrics like SOPR (Spent Output Profit Ratio), NVT Ratio, and Volume to better understand short-term market dynamics.

2. Track Speculative Behavior:

Spikes in this metric can signal speculative phases, helping to identify periods of heightened risk or opportunity.

3. Analyze Historical Peaks:

Compare current activity levels to historical spikes to evaluate whether similar conditions are developing.

4. Focus on Volatility:

High activity in Spent Outputs < 1 Hour often aligns with volatile price movements, providing early signals of short-term market trends.

## How to Use the Indicator Effectively

* During Market Volatility: High activity in Spent Outputs < 1 Hour signals increased short-term trading, often driven by speculation or reactions to news. These periods warrant caution and close monitoring of price trends.
* During Market Stability: Low activity levels indicate reduced speculative behavior, often reflecting accumulation phases or long-term investor dominance. These conditions are favorable for long-term positioning.
* During Sudden Price Movements: Spikes in this metric during rapid price increases or decreases suggest heightened speculative interest or panic reactions. Use this information to anticipate potential trend reversals or corrections.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Outputs > 10y

## Spent Outputs > 10 Years Indicator

The Spent Outputs > 10 Years metric is an on-chain indicator that tracks the number of spent transaction outputs (UTXOs) that are older than 10 years. It provides insights into the activity of long-dormant coins, often associated with early adopters, lost coins, or strategic moves by long-term holders. This metric is valuable for understanding market dynamics, especially during major price movements or significant events.

## Steps to Use the Spent Outputs > 10 Years Metric

1\. Understand the Concept

* Spent Outputs > 10 Years: Measures the frequency of UTXOs older than 10 years that are spent, reflecting activity from coins that have been dormant for a decade or longer.
* Relevance: Highlights the behavior of long-term holders and early adopters, offering insights into market sentiment and potential liquidity events.

2\. Interpret the Spent Outputs > 10 Years Metric

* High Activity: Suggests increased movement of long-dormant coins, which may signal significant market events, profit-taking by early adopters, or changes in strategic holdings.
* Low Activity: Indicates that long-term holders are not moving their coins, often reflecting market stability or confidence in future price growth.
* Spikes in Activity: May signal market stress, profit-taking during price peaks, or renewed activity from historically inactive wallets.

3\. Analyze Historical Patterns

* Market Peaks: Spikes in this metric during price surges may indicate profit-taking by long-term holders, often aligning with market tops.
* Market Bottoms: Increased activity in older coins during downturns can suggest capitulation or strategic repositioning.
* Accumulation Phases: Sustained low activity reflects the holding behavior of long-term investors, often seen during accumulation phases.

4\. Make Decisions

* During Bull Markets: Monitor spikes in this metric as potential signals of profit-taking by long-term holders, which may precede market corrections.
* During Bear Markets: Increased activity in these outputs may indicate capitulation or strategic reallocation by long-term holders, potentially marking market bottoms.
* During Stable Markets: Low activity suggests continued confidence among long-term holders, signaling strong market fundamentals.

## Tips:

* Combine with Other Metrics: Use Spent Outputs > 10 Years alongside metrics like Realized Cap to gain a comprehensive view of long-term holder behavior.
* Track Historical Peaks:Spikes in this metric during past bull markets often aligned with significant profit-taking events by early adopters or long-term holders.
* Focus on Dormant Coin Movements: Activity in this metric can highlight rare events, such as the movement of lost coins, whale transactions, or the activation of legacy wallets.
* Assess Market Sentiment: Increased spending of older coins during downturns may indicate strategic decisions by long-term holders, often signaling market stress or repositioning.

## How to Use the Indicator Effectively

* During Market Tops: Spikes in Spent Outputs > 10 Years during bull runs suggest profit-taking by early adopters and long-term holders. These signals often align with market tops and may indicate a period of heightened selling pressure.
* During Capitulation Phases: Increased activity in these outputs during market downturns may signal capitulation by some long-term holders or the movement of dormant coins. These conditions often precede market bottoms and present opportunities for accumulation.
* During Stable Markets: Low activity in this metric reflects the confidence of long-term holders, signaling strong fundamentals and limited selling pressure from early adopters.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Outputs 1d-1w

## Spent Outputs 1 Day–1 Week Indicator

The Spent Outputs 1 Day–1  Week metric is an on-chain indicator that tracks the number of spent transaction outputs (UTXOs) that are between 1 day and 1 week old. It provides insights into the activity of short-term holders and recent buyers, helping to identify speculative behavior, market sentiment, and potential price volatility.

## Steps to Use the Spent Outputs 1 Day–1 Week Metric

1\. Understand the Concept

* Spent Outputs 1 Day–1 Week: Measures the frequency of UTXOs that were created 1 day to 1 week ago and are now being spent.
* Relevance: Highlights the behavior of short-term holders and recent market participants, reflecting speculative activity and potential market reactions.

2\. Interpret the Spent Outputs 1 Day–1 Week Metric

* High Activity: Indicates increased selling or trading by short-term holders, often seen during volatile markets or speculative phases.
* Low Activity: Suggests reduced activity from recent buyers, reflecting market stability or the absence of speculative behavior.
* Spikes in Activity: May signal news-driven events, short-term profit-taking, or panic selling by recent entrants.

3\. Analyze Historical Patterns

* Market Volatility: Spikes in this metric often align with periods of heightened volatility, including sharp price movements or market reactions to news.
* Speculative Phases: Sustained high activity reflects speculative behavior, often near market tops or during rapid price rallies.
* Accumulation Phases: Low activity indicates reduced short-term trading, often seen during periods of consolidation or accumulation.

4\. Make Decisions

* During Bull Markets: Monitor spikes in this metric for signs of speculative excess, as short-term holders may sell to take quick profits.
* During Bear Markets: Increased activity can signal panic selling by short-term holders, potentially marking capitulation phases and buying opportunities.
* During Stable Markets: Low activity reflects market calmness, suggesting accumulation by long-term participants or reduced speculative interest.

## Tips:

* Combine with Other Metrics:

Use Spent Outputs 1 Day–1 Week alongside metrics like NUPL (Net Unrealized Profit/Loss) and Volume to better understand short-term market trends.

* Track Speculative Behavior:

Spikes in this metric can highlight increased short-term speculation or rapid market reactions to news or events.

* Focus on Volatility Indicators:

High activity in this metric often aligns with volatile price movements, providing early signals of short-term market shifts.

* Compare Historical Data:

Evaluate current activity levels against historical patterns during similar market conditions to identify recurring behaviors.

## How to Use the Indicator Effectively

* During Market Volatility: High activity in Spent Outputs 1 Day–1 Week signals increased speculative trading by recent buyers, often coinciding with rapid price changes. These periods warrant caution and close monitoring of market trends.
* During Capitulation Phases: Spikes in activity during market downturns indicate panic selling by short-term holders, often signaling market bottoms and presenting opportunities for long-term accumulation.
* During Market Stability: Low activity reflects reduced speculative behavior and market calmness, providing favorable conditions for evaluating longer-term investment strategies.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Outputs 1h-24h

## Spent Outputs 1 Hour–24 Hours Indicator

The Spent Outputs 1 Hour–24 Hours metric is an on-chain indicator that tracks the number of spent transaction outputs (UTXOs) aged between 1 hour and 24 hours. It provides insights into the activity of very short-term holders and market participants engaging in intraday trading. This metric is useful for identifying high-frequency trading, speculative activity, and reactions to short-term market events.

## Steps to Use the Spent Outputs 1 Hour–24 Hours Metric

1\. Understand the Concept

* Spent Outputs 1 Hour–24 Hours: Measures the frequency of UTXOs that were created within the past day and are now being spent.
* Relevance: Reflects intraday trading activity, speculative behavior, and rapid market responses to news or events.

2\. Interpret the Spent Outputs 1 Hour–24 Hours Metric

* High Activity: Indicates increased intraday trading or speculative behavior, often triggered by short-term market volatility or external events.
* Low Activity: Suggests reduced intraday activity, often observed during periods of market stability or low volatility.
* Spikes in Activity: May signal reactions to major news, significant price movements, or liquidation events.

3\. Analyze Historical Patterns

* Volatile Markets: Spikes in this metric are often associated with heightened volatility, including sharp price increases or decreases.
* Speculative Rallies: Sustained high activity reflects speculative trading during bullish phases or rapid price recoveries.
* Quiet Markets: Low activity levels indicate reduced short-term trading, commonly seen during accumulation or consolidation phases.

4\. Make Decisions

* During Bull Markets: Monitor high activity in this metric as a sign of speculative excess or intraday profit-taking, which may signal short-term corrections.
* During Bear Markets: Increased activity during downturns often reflects panic selling by very short-term holders, potentially marking capitulation events.
* During Stable Markets: Low activity reflects market calmness and reduced speculative interest, suggesting favorable conditions for long-term accumulation.

## Tips:

* Combine with Other Metrics: Use Spent Outputs 1 Hour–24 Hours alongside metrics like SOPR (Spent Output Profit Ratio), Volume, and Spent Outputs < 1 Hour for a detailed view of short-term market behavior.
* Focus on Intraday Volatility: Spikes in this metric often align with rapid price changes, offering early warnings of potential trend reversals or corrections.
* Monitor Speculative Activity: High activity can signal speculative phases or quick market reactions to news, helping to anticipate short-term market shifts.
* Compare Historical Patterns: Evaluate current activity levels against historical trends during similar market conditions to identify recurring behaviors and market sentiment.

## How to Use the Indicator Effectively

* During Intraday Volatility: High activity in Spent Outputs 1 Hour–24 Hours signals heightened intraday trading or speculative behavior, often coinciding with rapid price changes. Use these signals to adjust short-term trading strategies.
* During Capitulation Phases: Spikes in activity during market downturns suggest panic selling by very short-term holders, often marking market bottoms and presenting accumulation opportunities for long-term investors.
* During Stable Markets: Low activity reflects reduced speculative behavior and intraday trading, indicating market calmness and providing favorable conditions for strategic long-term positioning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Outputs 3m-6m

## Spent Outputs 3 Months–6 Months Indicator

The Spent Outputs 3 Months–6 Months metric is an on-chain indicator that tracks the number of spent transaction outputs (UTXOs) aged between 3 months and 6 months. This metric provides insights into the behavior of medium-term holders, capturing their responses to market trends and sentiment shifts. It is particularly useful for understanding market cycles, profit-taking behavior, and capitulation phases.

## Steps to Use the Spent Outputs 3 Months–6 Months Metric

1\. Understand the Concept

* Spent Outputs 3 Months–6 Months: Measures the frequency of UTXOs created 3–6 months ago that are now being spent.
* Relevance: Highlights the activity of medium-term holders who entered the market relatively recently but have held their positions for several months.

2\. Interpret the Spent Outputs 3 Months–6 Months Metric

* High Activity: Indicates increased selling or profit-taking by medium-term holders, often observed during bullish trends or at market tops.
* Low Activity: Suggests reduced participation by these holders, reflecting confidence in holding through uncertain market conditions or during accumulation phases.
* Spikes in Activity: May signal reactions to significant price movements, market events, or shifts in sentiment among medium-term holders.

3\. Analyze Historical Patterns

* Market Tops: High activity in this age band is often associated with profit-taking by medium-term holders during price surges, signaling potential market peaks.
* Market Bottoms: Low activity during bearish phases reflects a reluctance to sell, indicating confidence in a future recovery or a lack of attractive selling opportunities.
* Sideways Markets: Minimal activity suggests reduced speculative behavior and an environment conducive to accumulation.

4\. Make Decisions

* During Bull Markets: Monitor high activity in this metric for signs of increased selling pressure, which may signal a slowing rally or a potential market correction.
* During Bear Markets: Low activity during downturns reflects confidence among medium-term holders, often indicating reduced selling pressure and stabilization.
* During Stable Markets: Minimal activity points to a calm market with reduced speculative trading, providing an opportunity to focus on long-term strategies.

## Tips:

* Combine with Other Metrics:

Use Spent Outputs 3 Months–6 Months alongside metrics like SOPR (Spent Output Profit Ratio)  and NUPL (Net Unrealized Profit/Loss) to better understand medium-term holder behavior.

* Monitor Profit-Taking Trends:

Spikes in this metric during bullish phases often indicate profit-taking by medium-term holders, signaling potential market reversals or corrections.

* Identify Capitulation Phases:

Low activity during market downturns may signal that medium-term holders are holding steady, often coinciding with the end of selling pressure and market stabilization.

* Compare Historical Patterns:

Evaluate current activity levels against historical trends to identify recurring behaviors and align strategies with previous market cycles.

## How to Use the Indicator Effectively

* During Market Tops: High activity in Spent Outputs 3 Months–6 Months reflects profit-taking by medium-term holders, often aligning with market peaks. Use these signals to assess the sustainability of upward trends and manage risk.
* During Market Bottoms: Low activity indicates that medium-term holders are holding through the downturn, suggesting a lack of selling pressure and potential recovery opportunities. These periods often present favorable conditions for accumulation.
* During Consolidation Phases: Minimal activity signals market stability, reduced speculative behavior, and a conducive environment for evaluating long-term strategies.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Outputs 1w-1m

## Spent Outputs 1 Week–1 Month Indicator

The Spent Outputs 1 Week–1 Month metric is an on-chain indicator that tracks the number of spent transaction outputs (UTXOs) aged between 1 week and 1 month. It provides insights into the behavior of short-to-medium-term holders, offering valuable information about their response to market conditions. This metric is particularly useful for identifying shifts in sentiment, short-term trading strategies, and market reactions to news or events.

## Steps to Use the Spent Outputs 1 Week–1 Month Metric

1\. Understand the Concept

* Spent Outputs 1 Week–1 Month: Measures the frequency of UTXOs created 1–4 weeks ago that are now being spent.
* Relevance: Reflects the activity of holders with relatively recent positions, including short-term traders and speculative participants.

2\. Interpret the Spent Outputs 1 Week–1 Month Metric

* High Activity: Indicates increased spending by short-to-medium-term holders, often linked to profit-taking, market volatility, or reactions to price changes.
* Low Activity: Suggests reduced participation by these holders, reflecting market stability or confidence in holding their positions.
* Spikes in Activity: May signal reactions to major price movements, news events, or rapid changes in market sentiment.

3\. Analyze Historical Patterns

* Market Tops: Spikes in this metric often coincide with profit-taking by short-to-medium-term holders during price rallies.
* Market Bottoms: Increased activity during downturns can indicate capitulation or panic selling by these holders.
* Stable Markets: Low activity is common during consolidation phases, as holders opt to maintain their positions through periods of reduced volatility.

4\. Make Decisions

* During Bull Markets: Monitor high activity in this metric as a sign of profit-taking, which could precede short-term corrections or slowdowns in upward momentum.
* During Bear Markets: Increased activity may signal panic selling, potentially aligning with market bottoms and presenting accumulation opportunities.
* During Sideways Markets: Low activity reflects market calmness and can provide an ideal environment for assessing long-term strategies.

## Tips:

* Combine with Other Metrics:

Use Spent Outputs 1 Week–1 Month alongside metrics like NUPL (Net Unrealized Profit/Loss), SOPR (Spent Output Profit Ratio), and Volume for a broader view of market behavior.

* Monitor Short-Term Sentiment:

Spikes in this metric often reflect shifts in short-term sentiment or rapid reactions to market changes, offering early signals of potential volatility.

* Identify Capitulation Events:

Increased activity during downturns may highlight capitulation by short-to-medium-term holders, signaling potential market bottoms.

* Compare Historical Patterns:

Evaluate current activity levels against historical trends to identify recurring behaviors and their impact on price dynamics.

## How to Use the Indicator Effectively

* During Market Tops: High activity in Spent Outputs 1 Week–1 Month suggests profit-taking by short-to-medium-term holders, often signaling potential market tops or corrections. Use these signals to manage risk and assess the sustainability of price trends.
* During Capitulation Phases: Spikes in activity during market downturns reflect panic selling, which can align with market bottoms and present strategic buying opportunities for long-term investors.
* During Consolidation Phases: Low activity reflects reduced speculative behavior and market stability, providing favorable conditions for long-term planning and positioning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Outputs 5y-7y

## Spent Outputs 5 Years–7 Years Indicator

The Spent Outputs 5 Years–7 Years metric is an on-chain indicator that tracks the number of spent transaction outputs (UTXOs) aged between 5 years and 7 years. This metric provides insights into the behavior of very long-term holders, typically those who acquired their positions during earlier market cycles. It is particularly useful for understanding the behavior of early adopters, profit-taking at significant price levels, and market sentiment during major cycle transitions.

## Steps to Use the Spent Outputs 5 Years–7 Years Metric

1\. Understand the Concept

* Spent Outputs 5 Years–7 Years: Measures the frequency of UTXOs created 5–7 years ago that are now being spent.
* Relevance: Reflects the activity of seasoned long-term holders or early adopters, offering insights into their confidence and market strategies.

2\. Interpret the Spent Outputs 5 Years–7 Years Metric

* High Activity: Indicates profit-taking or strategic repositioning by long-term holders, often observed during bull market peaks or significant price rallies.
* Low Activity: Suggests that long-term holders are maintaining their positions, reflecting confidence in future price appreciation or market stability.
* Spikes in Activity: May signal reactions to significant price movements, major market events, or long-term holders responding to perceived overvaluation.

3\. Analyze Historical Patterns

* Market Tops: High activity in this age band often coincides with profit-taking by long-term holders, marking potential market tops.
* Market Bottoms: Low activity during downturns reflects confidence among long-term holders, as they refrain from selling despite unfavorable market conditions.
* Sideways Markets: Minimal activity indicates a preference for holding, often aligning with accumulation phases or market consolidation.

4\. Make Decisions

* During Bull Markets: Spikes in activity suggest increased profit-taking by long-term holders, which may signal potential market corrections or price peaks.
* During Bear Markets: Low activity during downturns indicates that long-term holders are not capitulating, signaling confidence in the market's eventual recovery.
* During Stable Markets: Reduced activity reflects market calmness, offering opportunities to assess long-term strategies and prepare for potential market shifts.

## Tips:

* Combine with Other Metrics:

Use Spent Outputs 5 Years–7 Years alongside metrics like RHODL Ratio, Reserve Risk, and Realized Cap to gain deeper insights into long-term holder behavior.

* Monitor Historical Behavior:

Evaluate past spikes in this metric during previous market cycles to identify patterns that align with major market events.

* Track Market Confidence:

Low activity during downturns highlights the confidence of very long-term holders, often signaling market stabilization or accumulation phases.

* Assess Strategic Selling:

Spikes in this metric during bull runs reflect profit-taking behavior by early adopters and seasoned investors, often aligning with market tops.

## How to Use the Indicator Effectively

* During Market Tops: High activity in Spent Outputs 5 Years–7 Years signals profit-taking by long-term holders, often aligning with market peaks. These periods may warrant caution and risk management strategies.
* During Market Bottoms: Low activity reflects the confidence of long-term holders, suggesting reduced selling pressure and the potential for market recovery. These conditions often present strategic buying opportunities.
* During Consolidation Phases: Minimal activity indicates stability among long-term holders, creating favorable conditions for evaluating and executing long-term investment strategies.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Volume < 1h

## Spent Volume < 1 Hour Indicator

The Spent Volume < 1 Hour metric is an on-chain indicator that tracks the total BTC volume spent in transactions within 1 hour of coin creation. This metric provides insights into high-frequency trading activity, speculative behavior, and intraday market sentiment. It is particularly valuable for identifying short-term market reactions, rapid trading activity, and the influence of speculative participants.

## Steps to Use the Spent Volume < 1 Hour Metric

1\. Understand the Concept

* Spent Volume < 1 Hour: Measures the total volume of coins spent within 1 hour of being created.
* Relevance: Reflects intraday trading activity and speculative behavior, offering insights into the immediate reaction of market participants to price changes or news events.

2\. Interpret the Spent Volume < 1 Hour Metric

* High Volume: Indicates increased short-term trading or speculative activity, typically seen during periods of high market volatility or rapid price changes.
* Low Volume: Suggests reduced intraday activity, often reflecting market stability or a lack of speculative interest.
* Spikes in Volume: May signal reactions to major news, price volatility, or liquidation events.

3\. Analyze Historical Patterns

* Volatile Markets: Spikes in this metric are often associated with sharp price movements or major market events.
* Speculative Phases: Sustained high volume reflects heightened speculative behavior, often aligning with rapid price rallies or corrections.
* Stable Markets: Low activity indicates reduced speculative trading, common during periods of consolidation or accumulation.

4\. Make Decisions

* During Bull Markets: Monitor spikes in this metric for signs of speculative excess, which may signal short-term corrections or slowing momentum.
* During Bear Markets: High volume during price declines may reflect panic selling or liquidation events, potentially marking capitulation phases.
* During Stable Markets: Low volume reflects market calmness and reduced speculative behavior, creating favorable conditions for long-term planning.

## Tips:

* Combine with Other Metrics:

Use Spent Volume < 1 Hour alongside metrics like Volume, Spent Outputs < 1 Hour, and SOPR (Spent Output Profit Ratio) for a detailed view of short-term trading activity.

* Monitor Market Volatility:

Spikes in this metric often align with rapid price movements, providing early signals of market sentiment shifts or speculative activity.

* Track Speculative Behavior:

High spent volume within 1 hour typically indicates speculative reactions to news or events, which can drive short-term price fluctuations.

* Compare Historical Trends:

Evaluate current volume spikes against historical data during similar market conditions to identify recurring behaviors and their impact on price trends.

## How to Use the Indicator Effectively

* During Volatile Markets: High spent volume < 1 hour signals heightened intraday trading and speculative behavior. Use these signals to monitor potential short-term market trends and adjust strategies accordingly.
* During Capitulation Phases: Spikes in this metric during market downturns reflect panic selling or liquidations, often marking potential market bottoms and strategic buying opportunities.
* During Consolidation Phases: Low activity reflects reduced speculative trading, indicating market stability and providing favorable conditions for long-term accumulation and planning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Volume > 10y

## Tutorial: Spent Volume > 10 Years Indicator

The Spent Volume > 10 Years metric is an on-chain indicator that tracks the total volume spent in transactions involving coins that have been dormant for more than 10 years. This metric provides insights into the behavior of extremely long-term holders, often early adopters, and highlights strategic movements of coins that have remained untouched through multiple market cycles. It is particularly valuable for understanding rare movements, profit-taking, and the activation of legacy wallets.

## Steps to Use the Spent Volume > 10 Years Metric

1\. Understand the Concept

* Spent Volume > 10 Years: Measures the total volume of coins spent after being dormant for over a decade.
* Relevance: Highlights significant activity from long-dormant coins, offering insights into early adopter behavior, strategic selling, or potential reactivation of legacy holdings.

2\. Interpret the Spent Volume > 10 Years Metric

* High Volume: Indicates significant movement of long-dormant coins, often reflecting profit-taking by early adopters or reactivation of old wallets during bull markets.
* Low Volume: Suggests limited activity from these coins, reflecting confidence in holding or the inactivity of legacy wallets.
* Spikes in Volume: May signal reactions to major price levels, significant market events, or shifts in sentiment among long-term holders.

3\. Analyze Historical Patterns

* Market Tops: Spikes in this metric often align with profit-taking by early adopters during bull market peaks.
* Market Stability: Low activity during stable periods reflects the confidence of long-term holders and reduced selling pressure.
* Rare Events: Spent Volume > 10 Years often highlights unique market occurrences, such as the reactivation of wallets thought to be lost or unused.

4\. Make Decisions

* During Bull Markets: Monitor high activity in this metric as it often reflects profit-taking by very long-term holders, signaling potential market tops or corrections.
* During Bear Markets: Low activity during downturns indicates that extremely long-term holders are not capitulating, suggesting confidence in future market recovery.
* During Stable Markets: Minimal activity reflects reduced selling pressure and strong market fundamentals, supporting long-term planning.

## Tips:

* Combine with Other Metrics:

Use Spent Volume > 10 Years alongside metrics like Realized Cap for a deeper understanding of long-term holder activity.

* Monitor Rare Movements:

Spikes in this metric often highlight significant events, such as the activation of old wallets or strategic selling by long-term holders.

* Track Profit-Taking Behavior:

High volume during bull markets reflects profit-taking by early adopters and legacy holders, which often aligns with market peaks.

* Analyze Historical Trends:

Compare current activity levels with historical patterns during similar market cycles to identify recurring behaviors and align strategies with long-term trends.

## How to Use the Indicator Effectively

* During Market Tops: High spent volume > 10 years reflects profit-taking by early adopters or activation of legacy holdings, often signaling market peaks. Use these signals to assess risk and prepare for potential corrections.
* During Market Bottoms: Low activity indicates confidence among very long-term holders, suggesting reduced selling pressure and favorable conditions for market recovery. These periods often align with strategic accumulation opportunities.
* During Consolidation Phases: Minimal activity reflects a holding pattern among extremely long-term holders, indicating market stability and providing a foundation for long-term positioning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Volume Age Bands

## **Spent Volume Age Bands Indicator**

The Spent Volume Age Bands metric is an on-chain indicator that categorizes the total volume spent in transactions based on the age of the coins involved. It provides insights into the behavior of different holder groups, ranging from short-term traders to long-term investors. This metric is particularly useful for understanding market dynamics, holder sentiment, and transitions between accumulation and distribution phases.

***

#### Steps to Use the Spent Volume Age Bands Metric

**1. Understand the Concept**

* Spent Volume Age Bands: Categorizes the total volume of spent coins into predefined age ranges (e.g., less than 1 day, 1 month–3 months, 1 year–2 years, etc.).
* Relevance: Highlights the activity of various holder groups, offering insights into their trading behavior, profit-taking strategies, and responses to market conditions.

**2. Interpret the Spent Volume Age Bands Metric**

* High Volume in Short-Term Bands: Indicates speculative trading or panic selling, often seen during volatile market phases or significant price changes.
* High Volume in Long-Term Bands: Suggests profit-taking or strategic moves by long-term holders, typically observed near market tops or significant events.
* Low Overall Activity: Reflects market calmness, often seen during accumulation phases or periods of low volatility.

**3. Analyze Historical Patterns**

* Market Tops: Increased activity in older age bands often aligns with profit-taking by long-term holders during price surges.
* Market Bottoms: High activity in short-term age bands during downturns may indicate panic selling or capitulation by recent buyers.
* Accumulation Phases: Reduced activity across most age bands reflects confidence among holders and a preference for retaining coins.

**4. Make Decisions**

* During Bull Markets: Monitor high activity in older age bands for signs of profit-taking by long-term holders, which may signal resistance levels or market slowdowns.
* During Bear Markets: High activity in short-term bands may indicate capitulation, marking potential market bottoms and buying opportunities.
* During Stable Markets: Low activity across all bands reflects reduced speculative behavior and strong market fundamentals, providing opportunities for long-term planning.

***

#### Tips:

* Combine with Other Metrics:\
  Use Spent Volume Age Bands alongside metrics like SOPR (Spent Output Profit Ratio), NUPL (Net Unrealized Profit/Loss), and Volume for a comprehensive understanding of market behavior.
* Track Holder Behavior:\
  Analyze the relative activity in short-term versus long-term age bands to understand which groups are driving market trends.
* Identify Profit-Taking Phases:\
  Spikes in older age bands during bullish trends often indicate profit-taking by long-term holders, signaling potential market slowdowns.
* Monitor Capitulation Signals:\
  High activity in younger age bands during bearish phases may reflect panic selling, often marking the end of selling pressure and the beginning of recovery.
* Compare Historical Trends:\
  Evaluate current activity levels in different age bands against historical patterns to identify recurring behaviors and their implications for market sentiment.

#### How to Use the Indicator Effectively

* During Market Tops: High activity in older age bands signals profit-taking by long-term holders, often aligning with market peaks. Use these signals to manage risk and prepare for potential corrections.
* During Capitulation Events: Increased activity in short-term age bands during market downturns suggests panic selling by recent buyers, often marking market bottoms and presenting strategic buying opportunities.
* During Accumulation Phases: Reduced activity across all age bands indicates holder confidence and a preference for retaining coins, creating a favorable environment for long-term positioning.

***

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Volume 1d-1w

## Spent Volume 1 Day–1 Week Indicator

The Spent Volume 1 Day–1 Week metric is an on-chain indicator that tracks the total volume  spent in transactions involving coins that have been held for 1 day to 1 week. This metric provides insights into the behavior of short-term holders and recent buyers, capturing their reactions to market trends and volatility. It is particularly useful for analyzing speculative behavior, profit-taking, and market sentiment among newer participants.

## Steps to Use the Spent Volume 1 Day–1 Week Metric

1\. Understand the Concept

* Spent Volume 1 Day–1 Week: Measures the total volume of coins (in cryptocurrency units or USD value) spent after being held for a period of 1 day to 1 week.
* Relevance: Reflects short-term trading behavior, providing insights into speculative activity, profit-taking, or panic selling by recent market participants.

2\. Interpret the Spent Volume 1 Day–1 Week Metric

* High Volume: Indicates increased speculative activity or short-term profit-taking, often seen during periods of high market volatility or price rallies.
* Low Volume: Suggests reduced activity among short-term holders, reflecting market stability or a lack of speculative interest.
* Spikes in Volume: May signal reactions to significant price movements, news events, or short-term trading strategies.

3\. Analyze Historical Patterns

* Market Volatility: Spikes in this metric often align with rapid price changes, including both rallies and corrections.
* Speculative Phases: Sustained high activity reflects heightened speculative behavior, often seen during bullish trends or near market tops.
* Stable Markets: Low activity indicates reduced speculative trading, commonly observed during periods of consolidation or accumulation.

4\. Make Decisions

* During Bull Markets: Monitor high activity in this metric for signs of speculative excess, which may signal potential short-term corrections or slowing momentum.
* During Bear Markets: Increased activity during downturns can reflect panic selling by short-term holders, potentially marking capitulation phases.
* During Stable Markets: Low activity reflects market calmness and reduced speculative interest, providing favorable conditions for long-term planning.

## Tips:

* Combine with Other Metrics:

Use Spent Volume 1 Day–1 Week alongside metrics like SOPR (Spent Output Profit Ratio), Volume, and Spent Outputs 1d–1w for a detailed view of short-term trading activity.

* Monitor Speculative Behavior:

High activity in this metric often signals increased speculative trading, helping to anticipate short-term market trends and potential reversals.

* Track Panic Selling:

Spikes during bearish phases may indicate panic selling by recent buyers, often aligning with market bottoms.

* Compare Historical Trends:

Evaluate current activity levels against historical patterns during similar market conditions to identify recurring behaviors and their implications for price trends.

## How to Use the Indicator Effectively

* During Market Volatility: High spent volume 1 day–1 week signals heightened speculative behavior and short-term trading. Use these signals to monitor potential price fluctuations and adjust strategies accordingly.
* During Capitulation Phases: Spikes in this metric during market downturns reflect panic selling by short-term holders, often marking potential market bottoms and presenting buying opportunities for long-term investors.
* During Consolidation Phases: Low activity reflects reduced speculative trading and market stability, providing favorable conditions for evaluating long-term strategies and accumulation.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Volume 1m-3m

## Spent Volume 1 Month–3 Months Indicator

The Spent Volume 1 Month–3 Months metric is an on-chain indicator that tracks the total volume spent in transactions involving coins that have been held for 1 month to 3 months. This metric provides insights into the behavior of medium-term holders, capturing their reactions to market trends and sentiment shifts. It is particularly useful for analyzing profit-taking, speculative activity, and market confidence among relatively recent investors.

## Steps to Use the Spent Volume 1 Month–3 Months Metric

1\. Understand the Concept

* Spent Volume 1 Month–3 Months: Measures the total volume of coins (in cryptocurrency units or USD value) spent after being held for a period of 1 month to 3 months.
* Relevance: Reflects the activity of medium-term holders, offering insights into their sentiment, profit-taking behavior, or strategic decisions.

2\. Interpret the Spent Volume 1 Month–3 Months Metric

* High Volume: Indicates increased activity by medium-term holders, often linked to profit-taking during bullish trends or reactions to market volatility.
* Low Volume: Suggests reduced participation by medium-term holders, reflecting confidence in holding or reduced market activity.
* Spikes in Volume: May signal significant price movements, market events, or changes in sentiment among medium-term holders.

3\. Analyze Historical Patterns

* Bull Markets: High activity in this metric during price rallies often reflects profit-taking by medium-term holders, signaling potential resistance or market peaks.
* Bear Markets: Low activity during downturns suggests that medium-term holders are refraining from selling, indicating confidence in a potential recovery.
* Stable Markets: Minimal activity points to a calm market with limited speculative trading, often seen during accumulation phases.

4\. Make Decisions

* During Bull Markets: Monitor high activity for signs of increased selling pressure by medium-term holders, which may indicate slowing momentum or corrections.
* During Bear Markets: Low activity reflects confidence among medium-term holders, signaling reduced selling pressure and potential market stabilization.
* During Consolidation Phases: Minimal activity suggests reduced speculative behavior, providing a conducive environment for evaluating long-term strategies.

## Tips:

* Combine with Other Metrics:

Use Spent Volume 1 Month–3 Months alongside metrics like SOPR (Spent Output Profit Ratio), NUPL (Net Unrealized Profit/Loss), and Spent Outputs 1m–3m for a comprehensive view of medium-term holder behavior.

* Monitor Profit-Taking Trends:

Spikes in this metric during bullish phases often indicate profit-taking, providing early signals of potential market reversals or resistance.

* Assess Market Sentiment:

Low activity during downturns reflects confidence among medium-term holders, often coinciding with accumulation phases or market stabilization.

* Compare Historical Patterns:

Evaluate current activity against historical data to identify recurring behaviors and align strategies with past market cycles.

## How to Use the Indicator Effectively

* During Market Tops: High spent volume 1 month–3 months reflects profit-taking by medium-term holders, often aligning with resistance levels or market peaks. Use these signals to assess risk and prepare for potential corrections.
* During Market Bottoms: Low activity indicates confidence among medium-term holders, suggesting reduced selling pressure and favorable conditions for market recovery. These signals often align with accumulation opportunities.
* During Consolidation Phases: Minimal activity reflects market stability and reduced speculative behavior, creating a foundation for long-term positioning and planning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Volume 1h-24h

## Spent Volume 1 Hour–24 Hours Indicator

The Spent Volume 1 Hour–24 Hours metric is an on-chain indicator that tracks the total volume  spent in transactions involving coins that have been held for 1 hour to 24 hours. This metric provides insights into very short-term trading behavior, speculative activity, and market reactions to immediate events. It is particularly useful for understanding intraday market dynamics and identifying speculative or panic-driven transactions.

## Steps to Use the Spent Volume 1 Hour–24 Hours Metric

1\. Understand the Concept

* Spent Volume 1 Hour–24 Hours: Measures the total volume of coins (in cryptocurrency units or USD value) spent after being held for a period of 1 hour to 24 hours.
* Relevance: Reflects intraday trading activity, offering insights into speculative behavior, short-term profit-taking, or rapid market reactions.

2\. Interpret the Spent Volume 1 Hour–24 Hours Metric

* High Volume: Indicates increased intraday trading, speculative behavior, or rapid profit-taking, often triggered by short-term price volatility or news events.
* Low Volume: Suggests reduced short-term activity, reflecting market stability or low speculative interest.
* Spikes in Volume: May signal immediate reactions to major news, price volatility, or liquidation events.

3\. Analyze Historical Patterns

* Market Volatility: Spikes in this metric are often associated with sharp intraday price movements, including rapid rallies or corrections.
* Speculative Phases: Sustained high activity reflects increased speculative trading, often seen during bullish trends or high volatility periods.
* Stable Markets: Low activity indicates reduced speculative trading, commonly observed during market consolidation or accumulation phases.

4\. Make Decisions

* During Bull Markets: Monitor high activity in this metric for signs of speculative excess, which could signal potential intraday corrections or slowing upward momentum.
* During Bear Markets: Increased activity during downturns may indicate panic-driven intraday selling, often aligning with capitulation phases.
* During Stable Markets: Low activity reflects market calmness, providing favorable conditions for strategic long-term planning.

## Tips:

* Combine with Other Metrics:

Use Spent Volume 1 Hour–24 Hours alongside metrics like SOPR (Spent Output Profit Ratio), Volume, and Spent Outputs 1h–24h to gain a detailed understanding of intraday trading behavior.

* Monitor Intraday Volatility:

Spikes in this metric often align with rapid intraday price changes, providing early signals of speculative or panic-driven market activity.

* Track Speculative Behavior:

High activity in this metric signals increased speculative trading, helping to anticipate short-term market trends and potential reversals.

* Analyze Historical Trends:

Compare current volume spikes against historical patterns during similar market conditions to identify recurring behaviors and their implications for price movements.

## How to Use the Indicator Effectively

* During Intraday Volatility: High spent volume 1 hour–24 hours signals heightened speculative activity and intraday trading. Use these signals to monitor potential price fluctuations and adjust short-term strategies accordingly.
* During Capitulation Phases: Spikes in this metric during market downturns indicate panic-driven selling by very short-term holders, often marking market bottoms and presenting buying opportunities for long-term investors.
* During Consolidation Phases: Low activity reflects reduced speculative trading and market stability, providing favorable conditions for evaluating long-term strategies and accumulation.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Volume 1w-1m

## Spent Volume 1 Week–1 Month Indicator

The Spent Volume 1 Week–1 Month metric is an on-chain indicator that tracks the total volume spent in transactions involving coins that have been held for 1 week to 1 month. This metric provides insights into the behavior of short-to-medium-term holders, capturing their reactions to market conditions, profit-taking, and speculative activities. It is particularly valuable for understanding trading behavior during transitional market phases.

## Steps to Use the Spent Volume 1 Week–1 Month Metric

1\. Understand the Concept

* Spent Volume 1 Week–1 Month: Measures the total volume of coins spent after being held for a period of 1 week to 1 month.
* Relevance: Reflects the activity of short-to-medium-term holders, offering insights into market sentiment, speculative behavior, or trading decisions.

2\. Interpret the Spent Volume 1 Week–1 Month Metric

* High Volume: Indicates increased activity by short-to-medium-term holders, often linked to speculative trading or profit-taking during volatile market conditions.
* Low Volume: Suggests reduced participation by these holders, reflecting confidence in holding positions or reduced market activity.
* Spikes in Volume: May signal reactions to market news, significant price movements, or shifts in short-term market sentiment.

3\. Analyze Historical Patterns

* Bull Markets: High activity during price rallies often reflects profit-taking or speculative trading, signaling potential market resistance or slowdowns.
* Bear Markets: Low activity during downturns indicates that holders in this age band are not capitulating, suggesting confidence in market recovery.
* Stable Markets: Minimal activity points to reduced speculative trading and market stability, commonly observed during accumulation phases.

4\. Make Decisions

* During Bull Markets: Monitor high activity for signs of speculative excess or profit-taking, which may signal short-term corrections or resistance levels.
* During Bear Markets: Low activity reflects confidence among holders in this age band, signaling reduced selling pressure and potential market stabilization.
* During Consolidation Phases: Minimal activity suggests reduced speculative behavior, providing a conducive environment for evaluating long-term strategies.

## Tips:

* Combine with Other Metrics:

Use Spent Volume 1 Week–1 Month alongside metrics like SOPR (Spent Output Profit Ratio), Volume, and Spent Outputs 1w–1m to gain a detailed understanding of holder behavior.

* Monitor Market Sentiment:

Spikes in this metric during volatile phases can indicate speculative trading or reactions to significant market events, helping to gauge short-term sentiment.

* Track Profit-Taking Trends:

High activity during bullish phases often signals profit-taking by short-to-medium-term holders, providing early warnings of potential market slowdowns or corrections.

* Compare Historical Patterns:

Evaluate current activity levels against historical trends during similar market conditions to identify recurring behaviors and their implications for price movements.

## How to Use the Indicator Effectively

* During Market Tops: High spent volume 1 week–1 month reflects profit-taking by short-to-medium-term holders, often aligning with resistance levels or market slowdowns. Use these signals to manage risk and prepare for potential corrections.
* During Market Bottoms: Low activity indicates confidence among these holders, suggesting reduced selling pressure and favorable conditions for market recovery. These periods often align with strategic accumulation opportunities.
* During Consolidation Phases: Minimal activity reflects reduced speculative trading and market calmness, providing a stable environment for long-term planning and positioning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Volume 1y-2y

## Spent Volume 1 Year–2 Years Indicator

The Spent Volume 1 Year–2 Years metric is an on-chain indicator that tracks the total volume spent in transactions involving coins that have been held for 1 year to 2 years. This metric provides insights into the behavior of long-term holders who acquired their assets in earlier market cycles. It is particularly useful for understanding profit-taking, long-term holder sentiment, and responses to significant market events.

## Steps to Use the Spent Volume 1 Year–2 Years Metric

1\. Understand the Concept

* Spent Volume 1 Year–2 Years: Measures the total volume of coins spent after being held for a period of 1 year to 2 years.
* Relevance: Highlights the activity of long-term holders, offering insights into their confidence, profit-taking strategies, or reactions to market conditions.

2\. Interpret the Spent Volume 1 Year–2 Years Metric

* High Volume: Indicates increased activity by long-term holders, often linked to profit-taking during bullish trends or significant price rallies.
* Low Volume: Suggests reduced participation by these holders, reflecting confidence in holding or reduced market activity during downturns.
* Spikes in Volume: May signal responses to major price movements, market sentiment shifts, or long-term holder strategies.

3\. Analyze Historical Patterns

* Bull Markets: High activity in this metric during price rallies often reflects profit-taking by long-term holders, signaling potential market slowdowns or peaks.
* Bear Markets: Low activity during downturns suggests that long-term holders are not capitulating, indicating confidence in future recovery.
* Stable Markets: Minimal activity points to reduced selling pressure, often observed during accumulation phases or market consolidation.

4\. Make Decisions

* During Bull Markets: Monitor high activity for signs of profit-taking by long-term holders, which may signal resistance levels or market peaks.
* During Bear Markets: Low activity reflects confidence among long-term holders, indicating reduced selling pressure and potential market stabilization.
* During Consolidation Phases: Minimal activity suggests reduced speculative behavior, providing a conducive environment for long-term planning.

## Tips:

* Combine with Other Metrics:

Use Spent Volume 1 Year–2 Years alongside metrics like Realized Cap for a comprehensive understanding of long-term holder behavior.

* Track Profit-Taking Trends:

Spikes in this metric during bullish phases often indicate profit-taking by long-term holders, offering early warnings of potential market slowdowns or corrections.

* Assess Market Sentiment:

Low activity during bearish phases suggests confidence among long-term holders, often aligning with accumulation opportunities or market stabilization.

* Compare Historical Patterns:

Evaluate current activity levels against historical trends to identify recurring behaviors and align strategies with past market cycles.

## How to Use the Indicator Effectively

* During Market Tops: High spent volume 1 year–2 years reflects profit-taking by long-term holders, often aligning with resistance levels or market peaks. Use these signals to assess risk and adjust short-term strategies.
* During Market Bottoms: Low activity indicates confidence among long-term holders, suggesting reduced selling pressure and favorable conditions for market recovery. These periods often present strategic buying opportunities.
* During Consolidation Phases: Minimal activity reflects reduced speculative trading and market calmness, creating a foundation for long-term positioning and planning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Volume 3m-6m

## Spent Volume 3 Months–6 Months Indicator&#x20;

The Spent Volume 3 Months–6 Months metric is an on-chain indicator that tracks the total volume spent in transactions involving coins that have been held for 3 months to 6 months. This metric provides insights into the behavior of medium-term holders, capturing their responses to market conditions, profit-taking, and speculative activities. It is particularly valuable for understanding transitional market phases and holder sentiment.

## Steps to Use the Spent Volume 3 Months–6 Months Metric&#x20;

1\. Understand the Concept&#x20;

• Spent Volume 3 Months–6 Months: Measures the total volume of coins spent after being held for a period of 3 months to 6 months.&#x20;

• Relevance: Highlights the activity of medium-term holders, offering insights into their sentiment, trading decisions, and responses to market conditions.&#x20;

2\. Interpret the Spent Volume 3 Months–6 Months Metric&#x20;

• High Volume: Indicates increased activity by medium-term holders, often reflecting profit-taking during bullish trends or reactions to market volatility.&#x20;

• Low Volume: Suggests reduced participation by these holders, reflecting confidence in holding or a lack of market incentives to sell.&#x20;

• Spikes in Volume: May signal speculative trading or strategic responses to significant price movements or news events.&#x20;

3\. Analyze Historical Patterns&#x20;

• Bull Markets: High activity during rallies reflects profit-taking by medium-term holders, signaling potential market resistance or price slowdowns.&#x20;

• Bear Markets: Low activity during downturns indicates that holders in this category are not capitulating, reflecting confidence in a recovery.&#x20;

• Stable Markets: Minimal activity points to reduced speculative trading, often observed during accumulation phases or periods of market consolidation.&#x20;

4\. Make Decisions&#x20;

• During Bull Markets: Monitor high activity for signs of profit-taking, which could signal potential slowdowns in bullish momentum or market corrections.&#x20;

• During Bear Markets: Low activity reflects confidence among medium-term holders, suggesting reduced selling pressure and potential market stabilization.&#x20;

• During Consolidation Phases: Minimal activity indicates reduced speculative behavior, providing a favorable environment for long-term planning.

## Tips:

* Combine with Other Metrics: Use Spent Volume 3 Months–6 Months alongside metrics like SOPR (Spent Output Profit Ratio) and NUPL (Net Unrealized Profit/Loss) for a detailed view of medium-term holder behavior.
* Monitor Profit-Taking Trends: Spikes in this metric during bullish phases often indicate profit-taking by medium-term holders, providing early warnings of potential market reversals or corrections.
* Assess Market Sentiment: Low activity during bearish phases reflects the confidence of medium-term holders, signaling reduced selling pressure and market stabilization.
* Compare Historical Patterns: Evaluate current activity against historical trends to identify recurring behaviors and align strategies with previous market cycles.

## How to Use the Indicator Effectively&#x20;

• During Market Tops: High spent volume 3 months–6 months reflects profit-taking by medium-term holders, often aligning with resistance levels or market peaks. Use these signals to assess risk and adjust short-term strategies.&#x20;

• During Market Bottoms: Low activity suggests confidence among medium-term holders, indicating reduced selling pressure and presenting favorable conditions for accumulation and recovery.&#x20;

• During Consolidation Phases: Minimal activity reflects reduced speculative trading and market calmness, creating a foundation for long-term positioning and planning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Volume 3y-5y

## Spent Volume 3 Years–5 Years Indicator&#x20;

The Spent Volume 3 Years–5 Years metric is an on-chain indicator that tracks the total volume spent in transactions involving coins that have been held for 3 years to 5 years. This metric provides insights into the behavior of long-term holders who acquired their positions in earlier market cycles. It is particularly valuable for understanding profit-taking, long-term holder confidence, and responses to significant market movements.

## Steps to Use the Spent Volume 3 Years–5 Years Metric&#x20;

1\. Understand the Concept&#x20;

• Spent Volume 3 Years–5 Years: Measures the total volume of coins spent after being held for a period of 3 years to 5 years.&#x20;

• Relevance: Reflects the activity of seasoned long-term holders, offering insights into their confidence, profit-taking strategies, or reactions to market conditions.&#x20;

2\. Interpret the Spent Volume 3 Years–5 Years Metric&#x20;

• High Volume: Indicates increased activity by long-term holders, often reflecting profit-taking during bullish trends or significant price rallies.&#x20;

• Low Volume: Suggests reduced participation by these holders, reflecting confidence in holding or lack of market incentives to sell.&#x20;

• Spikes in Volume: May signal strategic moves by long-term holders in response to major price movements or market events.&#x20;

3\. Analyze Historical Patterns&#x20;

• Bull Markets: High activity in this metric during rallies often signals profit-taking by long-term holders, aligning with potential market peaks or resistance levels.&#x20;

• Bear Markets: Low activity during downturns suggests confidence among long-term holders, indicating reduced selling pressure and stability in the market.&#x20;

• Stable Markets: Minimal activity points to reduced speculative trading, often observed during accumulation phases or periods of consolidation.&#x20;

4\. Make Decisions&#x20;

• During Bull Markets: Monitor high activity for signs of profit-taking by long-term holders, which may signal resistance levels or potential corrections.&#x20;

• During Bear Markets: Low activity reflects confidence among long-term holders, suggesting reduced selling pressure and potential market recovery.&#x20;

• During Consolidation Phases: Minimal activity indicates reduced speculative behavior, providing a stable environment for evaluating long-term strategies.

## Tips:

* Combine with Other Metrics: Use Spent Volume 3 Years–5 Years alongside metrics like RHODL Ratio, Reserve Risk, and Realized Cap to better understand long-term holder behavior and market trends.
* Track Profit-Taking Behavior: Spikes in this metric during bullish phases often indicate profit-taking by long-term holders, providing early warnings of potential corrections or slowdowns.
* Assess Market Sentiment: Low activity during bearish phases highlights the confidence of long-term holders, signaling reduced selling pressure and market stabilization.
* Compare Historical Trends: Evaluate current activity levels against historical patterns to identify recurring behaviors and align strategies with past market cycles.

## How to Use the Indicator Effectively

• During Market Tops: High spent volume 3 years–5 years reflects profit-taking by long-term holders, often aligning with market peaks. Use these signals to manage risk and prepare for potential corrections.&#x20;

• During Market Bottoms: Low activity suggests that long-term holders remain confident in the market’s recovery potential, presenting strategic accumulation opportunities.&#x20;

• During Consolidation Phases: Minimal activity reflects reduced speculative trading and market calmness, creating a foundation for long-term positioning and planning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Outputs 6m-12m

## Spent Outputs 6 Months–12 Months Indicator&#x20;

The Spent Outputs 6 Months–12 Months metric is an on-chain indicator that tracks the number of spent transaction outputs (UTXOs) aged between 6 months and 12 months. This metric provides insights into the behavior of medium-to-long-term holders who acquired their positions during earlier stages of the current market cycle. It is particularly useful for analyzing profit-taking behavior, holder confidence, and responses to market volatility.

## Steps to Use the Spent Outputs 6 Months–12 Months Metric&#x20;

1\. Understand the Concept&#x20;

• Spent Outputs 6 Months–12 Months: Measures the frequency of UTXOs created 6–12 months ago that are now being spent.&#x20;

• Relevance: Highlights the activity of holders who have held their assets for a moderate duration, offering insights into their sentiment and trading behavior.&#x20;

2\. Interpret the Spent Outputs 6 Months–12 Months Metric&#x20;

• High Activity: Indicates increased selling or profit-taking by medium-to-long-term holders, often seen during bull market rallies or in response to market volatility.&#x20;

• Low Activity: Suggests reduced activity by these holders, reflecting confidence in holding their positions or market stability.&#x20;

• Spikes in Activity: May signal reactions to significant price movements, news events, or strategic portfolio adjustments.&#x20;

3\. Analyze Historical Patterns&#x20;

• Market Tops: High activity in this age band often coincides with profit-taking during price surges, signaling potential market peaks.&#x20;

• Market Bottoms: Low activity during bearish phases reflects confidence among medium-to-long-term holders, as they choose to hold through downturns.&#x20;

• Sideways Markets: Minimal activity indicates reduced speculative behavior and a preference for holding during consolidation phases.&#x20;

4\. Make Decisions&#x20;

• During Bull Markets: Monitor high activity for signs of profit-taking, which could signal potential corrections or slowing upward momentum.&#x20;

• During Bear Markets: Low activity suggests that holders in this age band are not capitulating, signaling reduced selling pressure and potential market stabilization.&#x20;

• During Stable Markets: Minimal activity reflects market calmness and may present an opportunity for strategic long-term planning.

## Tips:

* Combine with Other Metrics: Use Spent Outputs 6 Months–12 Months alongside metrics like NUPL (Net Unrealized Profit/Loss), SOPR (Spent Output Profit Ratio), and Realized Cap for a comprehensive view of holder behavior.
* Monitor Profit-Taking Trends: Spikes in this metric during bull runs often indicate profit-taking by medium-to-long-term holders, providing early signals of potential market reversals.
* Assess Capitulation Phases: Low activity during market downturns suggests that medium-to-long-term holders are holding steady, often marking the end of selling pressure and the beginning of recovery.
* Compare Historical Patterns: Evaluate current activity levels against historical trends to identify recurring behaviors and align strategies with previous market cycles.

## How to Use the Indicator Effectively&#x20;

• During Market Tops: High activity in Spent Outputs 6 Months–12 Months reflects profit-taking by medium-to-long-term holders, often coinciding with market peaks. Use these signals to assess risk and adjust short-term strategies.&#x20;

• During Market Bottoms: Low activity indicates confidence among medium-to-long-term holders, suggesting reduced selling pressure and favorable conditions for accumulation. These signals often align with market stabilization and recovery phases.&#x20;

• During Consolidation Phases: Minimal activity suggests reduced speculative behavior and a stable market environment, allowing for strategic long-term positioning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Outputs 1y-2y

## Spent Outputs 1 Year–2 Years Indicator&#x20;

The Spent Outputs 1 Year–2 Years metric is an on-chain indicator that tracks the number of spent transaction outputs (UTXOs) aged between 1 year and 2 years. It provides insights into the behavior of long-term holders, reflecting their responses to market conditions. This metric is particularly useful for understanding profit-taking by seasoned investors, long-term holder sentiment, and market cycle transitions.

## Steps to Use the Spent Outputs 1 Year–2 Years Metric&#x20;

1\. Understand the Concept&#x20;

• Spent Outputs 1 Year–2 Years: Measures the frequency of UTXOs created 1–2 years ago that are now being spent.&#x20;

• Relevance: Highlights the activity of long-term holders who acquired their positions during earlier market cycles or lower price points.&#x20;

2\. Interpret the Spent Outputs 1 Year–2 Years Metric&#x20;

• High Activity: Indicates profit-taking or strategic selling by long-term holders, often seen during bull market rallies or at market tops.&#x20;

• Low Activity: Suggests that long-term holders are maintaining their positions, often observed during accumulation phases or market uncertainty.&#x20;

• Spikes in Activity: May signal significant market events, such as major price movements or shifts in long-term sentiment.&#x20;

3\. Analyze Historical Patterns&#x20;

• Market Tops: High activity in this age band often aligns with profit-taking by long-term holders during price surges, signaling potential market tops.&#x20;

• Market Bottoms: Low activity during downturns reflects confidence among long-term holders, indicating they are holding through bearish conditions.&#x20;

• Accumulation Phases: Minimal activity is common during market stabilization, as long-term holders prefer to retain their positions. 4. Make Decisions&#x20;

• During Bull Markets: Monitor high activity in this metric for signs of increased selling pressure by long-term holders, which could signal potential corrections or slowing upward momentum.&#x20;

• During Bear Markets: Low activity indicates that long-term holders are not capitulating, often signaling confidence in future market recovery.&#x20;

• During Consolidation Phases: Stable or low activity suggests accumulation by long-term holders and a reduced likelihood of major selling pressure.

## Tips:

* Combine with Other Metrics: Use Spent Outputs 1 Year–2 Years alongside metrics like Realized Cap for a deeper understanding of long-term holder behavior.
* Track Profit-Taking Trends: Increased activity during price rallies often indicates profit-taking by long-term holders, aligning with potential market tops.
* Monitor Capitulation Signals: Low activity during bear markets suggests that long-term holders are holding steady, providing confidence in market stability.
* Compare Historical Data: Evaluate current activity levels against historical trends during similar market conditions to identify recurring patterns.

## How to Use the Indicator Effectively&#x20;

• During Market Tops: High activity in Spent Outputs 1 Year–2 Years indicates that long-term holders are realizing profits, often aligning with market tops or corrections. Use these signals to manage risk or secure gains.&#x20;

• During Market Bottoms: Low activity reflects long-term holder confidence, often marking accumulation phases and potential market bottoms. These conditions can present strategic entry opportunities.&#x20;

• During Consolidation Phases: Minimal activity suggests reduced selling pressure from long-term holders, indicating market stability and favorable conditions for long-term positioning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Volume 5y-7y

## Tutorial: Spent Volume 5 Years–7 Years Indicator&#x20;

The Spent Volume 5 Years–7 Years metric is an on-chain indicator that tracks the total volume spent in transactions involving coins that have been held for 5 years to 7 years. This metric provides insights into the behavior of very long-term holders who acquired their assets during earlier market cycles. It is particularly valuable for identifying profit-taking behavior, long-term confidence, and responses to major market events.

## Steps to Use the Spent Volume 5 Years–7 Years Metric&#x20;

1\. Understand the Concept&#x20;

• Spent Volume 5 Years–7 Years: Measures the total volume of coins spent after being held for a period of 5 years to 7 years.&#x20;

• Relevance: Reflects the activity of seasoned long-term holders, often highlighting profit-taking, strategic selling, or legacy wallet activity.&#x20;

2\. Interpret the Spent Volume 5 Years–7 Years Metric&#x20;

• High Volume: Indicates increased activity by very long-term holders, often reflecting profit-taking during bull markets or reactions to significant price levels.&#x20;

• Low Volume: Suggests reduced participation by these holders, reflecting confidence in holding or inactivity of legacy wallets.&#x20;

• Spikes in Volume: May signal strategic moves or reactivation of long-dormant wallets in response to major market events or price fluctuations.&#x20;

3\. Analyze Historical Patterns&#x20;

• Market Tops: High activity in this metric during price surges often signals profit-taking by very long-term holders, aligning with potential market peaks.&#x20;

• Market Bottoms: Low activity during downturns reflects confidence among these holders, indicating reduced selling pressure and market stability.&#x20;

• Stable Markets: Minimal activity points to reduced speculative trading and a preference for holding, often observed during accumulation phases or periods of consolidation.&#x20;

4\. Make Decisions&#x20;

• During Bull Markets: Monitor high activity for signs of profit-taking by very long-term holders, which may indicate resistance levels or potential corrections.&#x20;

• During Bear Markets: Low activity reflects confidence in market recovery, often suggesting reduced selling pressure and favorable conditions for accumulation.&#x20;

• During Consolidation Phases: Minimal activity indicates long-term holder stability, providing a conducive environment for long-term planning.

## Tips:

1. Combine with Other Metrics: Use Spent Volume 5 Years–7 Years alongside metrics like Realized Cap to gain a comprehensive understanding of long-term holder behavior and market sentiment.
2. Monitor Strategic Selling: Spikes in this metric during bullish trends often indicate profit-taking by very long-term holders, offering early warnings of potential market corrections.
3. Assess Legacy Wallet Activity: Activity in this metric can also highlight movements from legacy wallets, which may signal unique market events or sentiment shifts.
4. Compare Historical Patterns: Evaluate current activity levels against historical trends to identify recurring behaviors and align strategies with long-term market cycles.

## How to Use the Indicator Effectively&#x20;

• During Market Tops: High spent volume 5 years–7 years reflects profit-taking by very long-term holders, often aligning with market peaks. Use these signals to assess risk and prepare for potential corrections.&#x20;

• During Market Bottoms: Low activity indicates confidence among very long-term holders, suggesting reduced selling pressure and presenting strategic buying opportunities during accumulation phases.&#x20;

• During Consolidation Phases: Minimal activity reflects reduced speculative trading and confidence in holding, creating a foundation for long-term positioning and planning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Volume 7y-10y

#### Summary

Spent Volume 7–10 Years aggregates BTC volume spent whose last movement was between seven and ten years ago.

#### What the chart shows

* Time series of BTC volume (7y–10y cohort)

#### Why it matters

* Highlights distribution or reallocation from very old cohorts; rare but often market‑notable

#### Methodology

* Select spent outputs with age in \[7 years, 10 years); sum BTC by day

#### Chart configuration

* Chart type: Line
* X‑axis: Time
* Y‑axis: BTC volume (7y–10y cohort)

#### How to read it

* Spikes: profit‑taking or structural moves by ancient holders; monitor narrative context

#### Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Outputs 1m-3m

## Spent Outputs 1 Month–3 Months Indicator&#x20;

The Spent Outputs 1 Month–3 Months metric is an on-chain indicator that tracks the number of spent transaction outputs (UTXOs) aged between 1 month and 3 months. It provides insights into the activity of medium-term holders, offering a snapshot of their behavior in response to market conditions. This metric is particularly useful for understanding shifts in sentiment, profit-taking, and medium-term trading strategies.

## Steps to Use the Spent Outputs 1 Month–3 Months Metric&#x20;

1\. Understand the Concept&#x20;

• Spent Outputs 1 Month–3 Months: Measures the frequency of UTXOs created 1–3 months ago that are now being spent.&#x20;

• Relevance: Reflects medium-term holder behavior, including profit-taking, reallocation, or panic selling in response to market dynamics.&#x20;

2\. Interpret the Spent Outputs 1 Month–3 Months Metric&#x20;

• High Activity: Indicates increased spending by medium-term holders, often associated with profit-taking during bull markets or panic selling during downturns.&#x20;

• Low Activity: Suggests reduced activity by medium-term holders, often observed during periods of accumulation or market stability.&#x20;

• Spikes in Activity: May signal reactions to significant price movements, market events, or strategic portfolio adjustments.&#x20;

3\. Analyze Historical Patterns&#x20;

• Bull Markets: High activity in this age band often aligns with profit-taking by medium-term holders during price rallies.&#x20;

• Bear Markets: Increased activity can signal capitulation by medium-term holders, often observed near market bottoms.&#x20;

• Sideways Markets: Low activity reflects market indecision or medium-term holders choosing to hold through consolidation phases.&#x20;

4\. Make Decisions&#x20;

• During Bull Markets: Monitor high activity in this metric as a potential signal of profit-taking, which may precede short-term price corrections.&#x20;

• During Bear Markets: Spikes in activity during downtrends can indicate capitulation by medium-term holders, potentially signaling market bottoms and accumulation opportunities.&#x20;

• During Stable Markets: Low activity reflects market calmness, providing time to evaluate long-term investment strategies.

## Tips:

* Combine with Other Metrics: Use Spent Outputs 1 Month–3 Months alongside metrics like RHODL Ratio, SOPR (Spent Output Profit Ratio), and Volume for a comprehensive understanding of holder behavior.
* Track Profit-Taking Trends: Increased activity in this metric during bull runs may highlight profit-taking by medium-term holders, offering early signs of potential market reversals.
* Assess Capitulation Phases: High activity during bear markets can indicate capitulation by medium-term holders, often aligning with market bottoms and strategic buying opportunities.
* Compare Historical Data: Evaluate current activity levels against historical patterns to identify recurring behaviors and their correlation with market trends.

## How to Use the Indicator Effectively&#x20;

• During Market Tops: High activity in Spent Outputs 1 Month–3 Months suggests profit-taking by medium-term holders, often signaling potential market tops. These signals may warrant caution and risk management strategies.&#x20;

• During Capitulation Events: Spikes in activity during market downturns reflect panic selling by medium-term holders, often marking market bottoms and presenting favorable accumulation opportunities.&#x20;

• During Consolidation Phases: Low activity indicates reduced medium-term holder participation, signaling market stability and potential for strategic long-term positioning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Volume 2y-3y

## Spent Volume 2 Years–3 Years Indicator&#x20;

The Spent Volume 2 Years–3 Years metric is an on-chain indicator that tracks the total volume spent in transactions involving coins that have been held for 2 years to 3 years. This metric provides insights into the behavior of long-term holders who acquired their assets in earlier market cycles. It is particularly useful for identifying profit-taking behavior, long-term holder sentiment, and responses to significant market events.

## Steps to Use the Spent Volume 2 Years–3 Years Metric&#x20;

1\. Understand the Concept&#x20;

• Spent Volume 2 Years–3 Years: Measures the total volume of coins spent after being held for a period of 2 years to 3 years.&#x20;

• Relevance: Highlights the activity of long-term holders, offering insights into their confidence, strategic decisions, and responses to market conditions.&#x20;

2\. Interpret the Spent Volume 2 Years–3 Years Metric&#x20;

• High Volume: Indicates increased activity by long-term holders, often linked to profit-taking during bull markets or reactions to significant price levels.&#x20;

• Low Volume: Suggests reduced participation by these holders, reflecting confidence in holding or a lack of market volatility.&#x20;

• Spikes in Volume: May signal strategic moves by long-term holders responding to major market events or price fluctuations.&#x20;

3\. Analyze Historical Patterns&#x20;

• Bull Markets: High activity in this metric during price surges often reflects profit-taking by long-term holders, signaling potential market peaks or resistance levels.&#x20;

• Bear Markets: Low activity during downturns suggests confidence among long-term holders, indicating reduced selling pressure and a potential recovery.&#x20;

• Stable Markets: Minimal activity reflects reduced speculative trading, commonly observed during consolidation phases or periods of market stability.&#x20;

4\. Make Decisions&#x20;

• During Bull Markets: Monitor high activity for signs of increased profit-taking by long-term holders, which may signal resistance levels or slowdowns in upward momentum.&#x20;

• During Bear Markets: Low activity reflects confidence in the market, often indicating reduced selling pressure and stabilization.&#x20;

• During Consolidation Phases: Minimal activity suggests long-term holder confidence, providing a favorable environment for long-term planning.

## Tips:

* Combine with Other Metrics: Use Spent Volume 2 Years–3 Years alongside metrics like  Realized Cap to gain a broader understanding of long-term holder behavior.
* Monitor Profit-Taking Behavior: Spikes in this metric during bullish phases often indicate profit-taking by long-term holders, providing early warnings of potential corrections or slowdowns.
* Assess Market Sentiment: Low activity during bearish phases highlights the confidence of long-term holders, often coinciding with market stabilization or accumulation opportunities.
* Compare Historical Trends: Evaluate current activity levels against historical data during similar market conditions to identify recurring patterns and align strategies accordingly.

## How to Use the Indicator Effectively&#x20;

• During Market Tops: High spent volume 2 years–3 years reflects profit-taking by long-term holders, often aligning with market peaks. These signals can help manage risk and prepare for potential corrections.&#x20;

• During Market Bottoms: Low activity suggests that long-term holders are confident in the market’s recovery potential, presenting strategic accumulation opportunities.&#x20;

• During Consolidation Phases: Minimal activity reflects stability among long-term holders, signaling reduced selling pressure and providing a foundation for long-term positioning and planning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Outputs 7y-10y

## Spent Outputs 7 Years–10 Years Indicator&#x20;

The Spent Outputs 7 Years–10 Years metric is an on-chain indicator that tracks the number of spent transaction outputs (UTXOs) aged between 7 years and 10 years. This metric provides insights into the behavior of very long-term holders, often early adopters or those who accumulated assets in previous market cycles. It is particularly valuable for understanding strategic profit-taking, market sentiment among seasoned investors, and responses to major market events.

## Steps to Use the Spent Outputs 7 Years–10 Years Metric&#x20;

1\. Understand the Concept&#x20;

• Spent Outputs 7 Years–10 Years: Measures the frequency of UTXOs created 7–10 years ago that are now being spent.&#x20;

• Relevance: Highlights the activity of holders with very long-term positions, often reflecting their confidence, profit-taking behavior, or strategic decisions.&#x20;

2\. Interpret the Spent Outputs 7 Years–10 Years Metric&#x20;

• High Activity: Indicates profit-taking or strategic repositioning by very long-term holders, typically seen during bull market peaks or significant price rallies.&#x20;

• Low Activity: Suggests that long-term holders are maintaining their positions, reflecting confidence in future price appreciation or market stability.&#x20;

• Spikes in Activity: May signal reactions to major price movements, market overvaluation, or other significant events.&#x20;

3\. Analyze Historical Patterns&#x20;

• Market Tops: High activity in this age band often coincides with profit-taking by very long-term holders, aligning with market peaks.&#x20;

• Market Bottoms: Low activity during bearish phases reflects confidence among very long-term holders, as they choose to hold through market downturns.&#x20;

• Sideways Markets: Minimal activity is common during consolidation phases, indicating reduced selling pressure and strong holder confidence.&#x20;

4\. Make Decisions&#x20;

• During Bull Markets: Monitor spikes in this metric for signs of increased selling pressure by very long-term holders, which may signal potential market corrections or price peaks.&#x20;

• During Bear Markets: Low activity during downturns suggests that very long-term holders are not capitulating, signaling confidence in the market’s eventual recovery.&#x20;

• During Stable Markets: Reduced activity reflects market stability and provides opportunities to focus on long-term strategies.

## Tips:

* Combine with Other Metrics: Use Spent Outputs 7 Years–10 Years alongside metrics like Realized Cap for a more comprehensive view of very long-term holder behavior.
* Monitor Strategic Selling: Spikes in this metric often indicate strategic profit-taking by early adopters or seasoned investors, which can align with market tops.
* Assess Holder Confidence: Low activity during downturns highlights confidence among very long-term holders, often signaling market stabilization or accumulation phases.
* Analyze Historical Trends: Compare current activity levels with historical patterns during similar market conditions to identify recurring behaviors and align strategies with past market cycles.

## How to Use the Indicator Effectively&#x20;

• During Market Tops: High activity in Spent Outputs 7 Years–10 Years reflects profit-taking by very long-term holders, often signaling potential market peaks. Use these signals to assess risk and prepare for potential corrections.&#x20;

• During Market Bottoms: Low activity indicates confidence among very long-term holders, suggesting reduced selling pressure and a favorable environment for market recovery. These periods often align with strategic accumulation opportunities.&#x20;

• During Consolidation Phases: Minimal activity reflects strong confidence among very long-term holders, signaling market stability and providing a foundation for long-term positioning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Volume 6m-12m

## Spent Volume 6 Months–12 Months Indicator

The Spent Volume 6 Months–12 Months metric is an on-chain indicator that tracks the total volume spent in transactions involving coins that have been held for 6 months to 12 months. This metric provides insights into the behavior of medium-to-long-term holders, capturing their responses to market trends and sentiment shifts. It is particularly valuable for analyzing profit-taking, market confidence, and holder reactions to significant price movements.

***

## Steps to Use the Spent Volume 6 Months–12 Months Metric

**1. Understand the Concept**

* Spent Volume 6 Months–12 Months: Measures the total volume of coins (in cryptocurrency units or USD value) spent after being held for a period of 6 months to 12 months.
* Relevance: Highlights the activity of medium-to-long-term holders, providing insights into their sentiment, profit-taking strategies, or reactions to market conditions.

**2. Interpret the Spent Volume 6 Months–12 Months Metric**

* High Volume: Indicates increased activity by medium-to-long-term holders, often reflecting profit-taking during bullish trends or reactions to market volatility.
* Low Volume: Suggests reduced participation by these holders, reflecting confidence in holding or reduced market incentives to sell.
* Spikes in Volume: May signal strategic responses to major price movements, market news, or speculative behavior.

**3. Analyze Historical Patterns**

* Bull Markets: High activity in this metric during price rallies often reflects profit-taking by medium-to-long-term holders, signaling potential resistance levels or market slowdowns.
* Bear Markets: Low activity during downturns suggests confidence among these holders, indicating reduced selling pressure and market stabilization.
* Stable Markets: Minimal activity points to reduced speculative trading, commonly observed during accumulation phases or periods of consolidation.

**4. Make Decisions**

* During Bull Markets: Monitor high activity for signs of profit-taking, which could signal resistance levels or potential corrections.
* During Bear Markets: Low activity reflects confidence among holders in this age band, suggesting reduced selling pressure and potential recovery.
* During Consolidation Phases: Minimal activity indicates reduced speculative behavior, providing a stable environment for long-term planning.

***

## Tips:

* Combine with Other Metrics:\
  Use Spent Volume 6 Months–12 Months alongside metrics like SOPR (Spent Output Profit Ratio), NUPL (Net Unrealized Profit/Loss), and Realized Cap for a comprehensive understanding of medium-to-long-term holder behavior.
* Monitor Profit-Taking Trends:\
  Spikes in this metric during bullish trends often indicate profit-taking by medium-to-long-term holders, providing early signals of potential market corrections.
* Assess Market Sentiment:\
  Low activity during bearish phases highlights the confidence of holders, suggesting reduced selling pressure and market stabilization.
* Compare Historical Patterns:\
  Evaluate current activity levels against historical trends to identify recurring behaviors and align strategies with past market cycles.

***

## How to Use the Indicator Effectively

* During Market Tops: High spent volume 6 months–12 months reflects profit-taking by medium-to-long-term holders, often aligning with market peaks. Use these signals to manage risk and prepare for potential corrections.
* During Market Bottoms: Low activity suggests that holders in this category remain confident in market recovery, presenting strategic accumulation opportunities.
* During Consolidation Phases: Minimal activity reflects reduced speculative trading and market calmness, creating a foundation for long-term positioning and planning.

***

Created By: This indicator is a widely recognized tool in blockchain analytics.

<br>


# Spent Outputs 2y-3y

## Spent Outputs 2 Years–3 Years Indicator&#x20;

The Spent Outputs 2 Years–3 Years metric is an on-chain indicator that tracks the number of spent transaction outputs (UTXOs) aged between 2 years and 3 years. It provides insights into the activity of long-term holders who acquired their positions in earlier market cycles. This metric is particularly useful for identifying profit-taking behavior, long-term holder sentiment, and significant market cycle transitions.

## Steps to Use the Spent Outputs 2 Years–3 Years Metric&#x20;

1\. Understand the Concept&#x20;

• Spent Outputs 2 Years–3 Years: Measures the frequency of UTXOs created 2–3 years ago that are now being spent.&#x20;

• Relevance: Reflects the behavior of seasoned long-term holders, offering insights into their confidence in market trends and potential profit-taking.&#x20;

2\. Interpret the Spent Outputs 2 Years–3 Years Metric&#x20;

• High Activity: Indicates increased selling or profit-taking by long-term holders, often seen during bull market rallies or at market tops.&#x20;

• Low Activity: Suggests that long-term holders are maintaining their positions, typically observed during accumulation phases or periods of market uncertainty.&#x20;

• Spikes in Activity: May signal significant market events, such as major price movements, long-term holder reallocation, or shifts in sentiment.&#x20;

3\. Analyze Historical Patterns&#x20;

• Market Tops: High activity in this age band often aligns with profit-taking during market tops, as long-term holders capitalize on significant price increases.&#x20;

• Market Bottoms: Low activity during bearish phases reflects the confidence of long-term holders in the market's future recovery.&#x20;

• Sideways Markets: Minimal activity suggests accumulation or holding by long-term investors during periods of market consolidation.&#x20;

4\. Make Decisions&#x20;

• During Bull Markets: Monitor spikes in this metric for signs of increased selling pressure by long-term holders, which may signal an approaching market correction or peak.&#x20;

• During Bear Markets: Low activity during downturns indicates that long-term holders are not capitulating, often aligning with market stabilization and recovery phases.&#x20;

• During Accumulation Phases: Stable or minimal activity reflects reduced selling pressure and strong market fundamentals, signaling favorable conditions for long-term investment.&#x20;

## Tips:

* Combine with Other Metrics: Use Spent Outputs 2 Years–3 Years alongside metrics like  Realized Cap to understand long-term holder behavior in greater depth.
* Track Profit-Taking Patterns: Increased activity in this metric during bull runs may indicate profit-taking by seasoned long-term holders, signaling potential market tops.
* Monitor Holder Confidence: Low activity during market downturns reflects the confidence of long-term holders, often marking the end of selling pressure and the beginning of market recovery.
* Analyze Historical Trends: Compare current activity levels to past market cycles to identify recurring patterns and align strategies with historical behavior.

## How to Use the Indicator Effectively&#x20;

• During Market Tops: High activity in Spent Outputs 2 Years–3 Years signals profit-taking by long-term holders, often coinciding with market peaks. These periods may warrant caution and consideration of risk management strategies.&#x20;

• During Market Bottoms: Low activity reflects confidence among long-term holders, suggesting that selling pressure is subsiding and the market is approaching a recovery phase. These conditions often present strategic accumulation opportunities.&#x20;

• During Consolidation Phases: Minimal activity suggests a holding pattern among long-term holders, indicating market stability and providing a foundation for long-term positioning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Spent Outputs 3y-5y

## Spent Outputs 3 Years–5 Years Indicator&#x20;

The Spent Outputs 3 Years–5 Years metric is an on-chain indicator that tracks the number of spent transaction outputs (UTXOs) aged between 3 years and 5 years. This metric provides insights into the behavior of long-term holders who have held their coins through a market cycle. It is particularly valuable for understanding profit-taking by seasoned investors, long-term holder sentiment, and market cycle transitions.

## Steps to Use the Spent Outputs 3 Years–5 Years Metric&#x20;

1\. Understand the Concept&#x20;

• Spent Outputs 3 Years–5 Years: Measures the frequency of UTXOs created 3–5 years ago that are now being spent.&#x20;

• Relevance: Reflects the activity of long-term holders, often early adopters or seasoned investors, and their confidence in the current market conditions.&#x20;

2\. Interpret the Spent Outputs 3 Years–5 Years Metric&#x20;

• High Activity: Indicates increased profit-taking or strategic selling by long-term holders, typically seen during bull market rallies or near market tops.&#x20;

• Low Activity: Suggests long-term holders are maintaining their positions, often observed during accumulation phases or periods of market uncertainty.&#x20;

• Spikes in Activity: May signal significant market events, such as major price movements or long-term holders responding to perceived overvaluation.&#x20;

3\. Analyze Historical Patterns&#x20;

• Market Tops: High activity in this age band often aligns with profit-taking during market peaks, as long-term holders capitalize on significant price increases.&#x20;

• Market Bottoms: Low activity during bearish phases reflects the confidence of long-term holders, as they choose to hold through downturns.&#x20;

• Accumulation Phases: Minimal activity is common during periods of consolidation, indicating long-term holders are waiting for favorable market conditions.&#x20;

4\. Make Decisions&#x20;

• During Bull Markets: Monitor spikes in this metric for signs of increased selling pressure by long-term holders, which may signal potential market corrections or peaks.&#x20;

• During Bear Markets: Low activity during downturns suggests that long-term holders are not capitulating, indicating confidence in future recovery.&#x20;

• During Stable Markets: Minimal activity reflects market stability and reduced selling pressure, creating a conducive environment for long-term strategies.

## Tips:

* Combine with Other Metrics: Use Spent Outputs 3 Years–5 Years alongside metrics like  Realized Cap for a deeper understanding of long-term holder behavior.
* Monitor Profit-Taking Patterns: Increased activity in this metric during bull runs may indicate profit-taking by seasoned long-term holders, often signaling market tops.
* Assess Market Sentiment: Low activity during downturns highlights the confidence of long-term holders, signaling that they are not responding to short-term market fluctuations.
* Compare Historical Data: Evaluate current activity levels against historical trends to identify recurring behaviors and align strategies with previous market cycles.

## How to Use the Indicator Effectively&#x20;

• During Market Tops: High activity in Spent Outputs 3 Years–5 Years reflects profit-taking by long-term holders, often coinciding with market peaks. These periods may warrant caution and careful risk management.&#x20;

• During Market Bottoms: Low activity indicates confidence among long-term holders, suggesting reduced selling pressure and the potential for market recovery. These conditions often present strategic accumulation opportunities.&#x20;

• During Consolidation Phases: Minimal activity reflects a holding pattern among long-term investors, signaling market stability and providing a foundation for long-term positioning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Supply


# Adjusted Supply

## Adjusted Supply Indicator

The Adjusted Supply indicator provides a refined view of the Circulating Supply by accounting for factors such as lost coins.


# Circulating Supply

## Circulating Supply Indicator

The Circulating Supply indicator is a critical metric in blockchain analysis. It represents the total number of coins that are actively available and circulating in the market. This indicator is essential for evaluating the supply dynamics, its scarcity, and its market valuation.

## Steps to Use the Circulating Supply Indicator

1\. Understand the Concept:

* Circulating Supply: The number of coins that are publicly available and traded in the market.

2\. Interpret the Circulating Supply Indicator:

* High Circulating Supply: Indicates a large number of tokens in the market, which may affect scarcity and perceived value.
* Low Circulating Supply: Suggests fewer tokens are available, potentially leading to higher scarcity and value.
* Changes in Supply: Monitor fluctuations in Circulating Supply due to new token releases, burns, or lock-ups.

&#x20;3\. Make Decisions:

* During Increasing Supply: Rising circulating supply can dilute value if demand does not increase proportionally.
* During Decreasing Supply: Falling supply can create scarcity, potentially driving up demand and price.
* Around Major Events: Monitor supply changes during events, like the halving, unlocks to anticipate market movements.

## Tips:

* Combine with Other Indicators: Use the Circulating Supply indicator alongside metrics like market cap, total supply, and price trends for comprehensive analysis.
* Historical Context: Compare current supply levels with historical data to identify trends and anomalies.
* Scarcity Analysis: Evaluate how changes in Circulating Supply affect the scarcity and BTC valuation.
* Use Reliable Data Sources: Ensure accurate supply data by using trusted blockchain explorers and analytics platforms.

## How to Use the Indicator Effectively

* Evaluate Market Valuation: Use circulating supply to calculate market cap and assess the relative value of BTC,
* Understand Scarcity: Analyze supply dynamics to gauge scarcity and its potential impact on price.
* Make Informed Decisions: Incorporate supply trends into your trading or investment strategies for better timing and risk management.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Issuance

## Issuance Indicator

The Issuance indicator tracks the rate at which new coins are created and added to the  Circulating Supply. This metric is critical for understanding supply-side dynamics and its impact on market behavior and asset valuation.

## Steps to Use the Issuance Indicator

Understand the Concept:

* Issuance: Represents the number of new coins minted over a specific time frame.
* Relevance: Directly influences the circulating supply and plays a key role in determining scarcity and inflation.

##


# Long-Term-Supply in Loss

## Long-Term Holder Supply in Loss Indicator

The Long-Term Holder (LTH) Supply in Loss is an on-chain metric that measures the total amount of coins held by long-term holders that is currently valued below their acquisition cost. It provides insights into the sentiment, behavior, and potential capitulation phases of long-term investors. This metric is particularly useful for identifying periods of market stress or accumulation opportunities.

## Steps to Use the Long-Term Holder Supply in Loss Metric

1\. Understand the Concept

* LTH Supply in Loss: The total supply of coins held by long-term holders whose current market value is lower than their realized value (the price at which the coins were last moved).
* Relevance: Highlights periods where long-term holders face unrealized losses, offering insights into market sentiment, holder resilience, and potential capitulation events.

2\. Interpret the LTH Supply in Loss Metric

* Rising LTH Supply in Loss: Indicates increasing unrealized losses for long-term holders, typically observed during bear markets or after significant price corrections.
* Declining LTH Supply in Loss: Suggests improving market conditions, as prices recover and long-term holders regain profitability.
* Stable LTH Supply in Loss: Reflects consistent market conditions, often observed during consolidation phases.

3\. Analyze Historical Patterns

* Bear Markets: High LTH Supply in Loss values align with periods of capitulation, signaling market bottoms or prolonged bearish sentiment.
* Bull Markets: Declining LTH Supply in Loss values reflect recovery phases, as prices rise and long-term holders move back into profit.
* Accumulation Phases: Sustained high LTH Supply in Loss values often indicate strategic accumulation by resilient holders during undervaluation periods.

4\. Make Decisions

* During Bear Markets: Use rising LTH Supply in Loss values to identify capitulation phases, which often align with accumulation opportunities.
* During Bull Markets: Monitor declining values as a sign of improving market sentiment and confidence among long-term holders.
* During Neutral Markets: Observe stable values for indications of market equilibrium and potential breakout opportunities.

## Tips:

* Combine with Other Metrics:

Use LTH Supply in Loss alongside metrics like Short-Term Holder (STH) Supply in Loss, Realized Price, and MVRV Ratio to gain a comprehensive understanding of market sentiment.

* Identify Capitulation Phases:

High LTH Supply in Loss values during bear markets signal capitulation, often presenting strategic buying opportunities for long-term investors.

* Compare Historical Trends:

Analyze LTH Supply in Loss trends across previous market cycles to identify recurring patterns and align strategies with historical data.

* Assess Holder Resilience:

Rising LTH Supply in Loss reflects the willingness of long-term holders to endure losses, indicating their confidence in the asset’s long-term potential.

* Monitor Recovery Phases:

Declining LTH Supply in Loss values during price recoveries signal improving sentiment and potential for bullish continuation.

## How to Use the Indicator Effectively

* During Market Bottoms: High LTH Supply in Loss values reflect significant unrealized losses among long-term holders, often aligning with capitulation phases and accumulation opportunities.
* During Market Recoveries: Declining LTH Supply in Loss values indicate improving conditions and confidence among long-term holders, supporting bullish sentiment.
* During Consolidation Phases: Stable LTH Supply in Loss values reflect market equilibrium, offering a favorable environment for long-term planning and positioning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Long-Term-Supply in Profit

## Long-Term Holder Supply in Profit Indicator

The Long-Term Holder (LTH) Supply in Profit is an on-chain metric that measures the total amount of coins held by long-term holders that is currently valued above their acquisition cost. It provides insights into the profitability, sentiment, and potential distribution behavior of long-term investors. This metric is particularly useful for identifying periods of strong market confidence and potential profit-taking.

## Steps to Use the Long-Term Holder Supply in Profit Metric

1\. Understand the Concept

* LTH Supply in Profit: The total supply of cryptocurrency held by long-term holders whose current market value is higher than their realized value (the price at which the coins were last moved).
* Relevance: Highlights periods where long-term holders are in profit, offering insights into market sentiment, confidence, and potential distribution phases.

2\. Interpret the LTH Supply in Profit Metric

* Rising LTH Supply in Profit: Indicates increasing profitability for long-term holders, typically observed during bull markets or recovery phases.
* Declining LTH Supply in Profit: Suggests reducing profitability, often seen during price corrections or bear markets.
* Stable LTH Supply in Profit: Reflects consistent market conditions, indicating equilibrium and steady long-term holder sentiment.

3\. Analyze Historical Patterns

* Bull Markets: High LTH Supply in Profit values align with periods of significant price appreciation, reflecting widespread profitability and bullish sentiment.
* Bear Markets: Declining LTH Supply in Profit values indicate reduced profitability, often aligning with capitulation phases and bearish sentiment.
* Accumulation Phases: Moderate and stable LTH Supply in Profit values often signal strategic accumulation by long-term holders.

4\. Make Decisions

* During Bull Markets: Monitor rising LTH Supply in Profit values as a confirmation of strong market confidence and demand, but be cautious of potential profit-taking at elevated levels.
* During Bear Markets: Use declining LTH Supply in Profit values to gauge long-term holder sentiment and potential support levels.
* During Neutral Markets: Observe stable values to assess market equilibrium and prepare for breakout opportunities.

## Tips:

* Combine with Other Metrics:

Use LTH Supply in Profit alongside metrics like Long-Term Holder Supply in Loss, MVRV Ratio, and Reserve Risk to gain a comprehensive understanding of market sentiment.

* Identify Distribution Phases:

High LTH Supply in Profit values during bull markets signal potential profit-taking by long-term holders, which can precede price corrections.

* Compare Historical Trends:

Analyze LTH Supply in Profit trends across previous market cycles to identify recurring patterns and align strategies with historical data.

* Gauge Holder Confidence:

Rising LTH Supply in Profit reflects strong confidence in the asset’s performance, while declines may indicate growing caution or market stress.

* Track Recovery Phases:

Increasing LTH Supply in Profit values during price recoveries signal improving sentiment and potential bullish continuation.

## How to Use the Indicator Effectively

* During Market Rallies: High LTH Supply in Profit values reflect widespread profitability among long-term holders, signaling strong confidence and potential continuation of bullish trends.
* During Market Corrections: Declining LTH Supply in Profit values indicate reduced profitability and growing caution, often aligning with bearish phases or market bottoms.
* During Consolidation Phases: Stable LTH Supply in Profit values reflect market equilibrium, providing a foundation for long-term planning and positioning.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Long-Term-supply Position Change

## Long-Term Holder Position Change Indicator

The Long-Term Holder Position Change indicator measures the net change in the holdings of long-term investors. This metric provides insights into the behavior of long-term holders (LTHs), helping to assess market sentiment, accumulation trends, and potential distribution phases.

## Steps to Use the Long-Term Holder Position Change Indicator

1\. Understand the Concept:

* LTH Position Change: Represents the net increase or decrease in the holdings of long-term investors over a specific time frame.
* Relevance: Highlights whether LTHs are accumulating (increasing their holdings) or distributing (reducing their holdings).

2\. Interpret the Long-Term Holder Position Change Indicator:

* Positive Position Change: Indicates accumulation by long-term holders, often signaling confidence in the market’s future.
* Negative Position Change: Suggests distribution by long-term holders, which may indicate profit-taking or reduced confidence.
* Trend Analysis: Persistent trends in position changes can reflect broader market dynamics and sentiment.

3\. Analyze Historical Patterns:

* Bull Markets: LTHs often distribute holdings as prices rise, taking profits and reducing risk.
* Bear Markets: LTHs typically accumulate during market downturns, capitalizing on lower prices.
* Market Transitions: Significant shifts in LTH position changes can precede market tops or bottoms.

4\. Make Decisions:

* During Positive Position Changes: Consider aligning with accumulation trends, especially in undervalued markets.
* During Negative Position Changes: Monitor for potential market corrections or profit-taking behavior.
* Validate Sentiment Shifts: Use LTH position changes to confirm broader market sentiment and trends.

## Tips:

* Combine with Other Metrics: Pair LTH position changes with indicators like SOPR and price trends for a holistic analysis.
* Monitor Threshold Levels: Significant increases or decreases in LTH positions often signal key market turning points.
* Use Historical Comparisons: Analyze past position changes to identify recurring patterns and potential market signals.
* Account for Macro Trends: Consider external factors, such as macroeconomic conditions, that may influence LTH behavior.

## How to Use the Indicator Effectively

* Assess Accumulation Trends: Use positive position changes to gauge long-term confidence and potential accumulation phases.
* Identify Distribution Phases: Monitor negative position changes to detect profit-taking or reduced market confidence.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Percent Supply in Profit

## Percent Supply in Profit Indicator

The Percent Supply in Profit indicator measures the percentage of the Circulating Supply that is currently in profit. This metric compares the current market price with the price at which each unit of the circulating supply last moved on-chain. It is a valuable tool for assessing market sentiment and the financial state of participants.

## Steps to Use the Percent Supply in Profit Indicator

1\. Understand the Concept:

* Supply in Profit: Refers to the portion of the circulating supply that was acquired at a price lower than the current market price.
* Relevance: Indicates market sentiment and highlights the profitability of the broader holder base.

2\. Interpret the Percent Supply in Profit Indicator:

* High Percentage: Suggests most holders are in profit, often correlating with bullish sentiment or market peaks.
* Low Percentage: Indicates a larger proportion of the supply is at a loss, commonly associated with bearish sentiment or market bottoms.
* Threshold Levels: Specific percentages (e.g., above 90% or below 50%) can provide signals of market extremes.

3\. Analyze Historical Patterns:

* Bull Markets: Percent supply in profit typically remains high as prices rise and more holders achieve profitability.
* Bear Markets: Lower percentages indicate extended periods of losses, often aligning with capitulation phases.
* Market Transitions: Sudden shifts in supply profitability can signal turning points in market cycles.

4\. Make Decisions:

* During High Percentages: Monitor for potential profit-taking behavior, as extreme profitability may indicate overbought conditions.
* During Low Percentages: Evaluate accumulation opportunities, especially if the market shows signs of stabilization.
* Validate Market Sentiment: Use changes in supply profitability to confirm broader market trends and sentiment shifts.

## Tips:

* Combine with UTXO Metrics: Pair this indicator with UTXO-based metrics like Percent UTXOs in Profit for a detailed profitability analysis.
* Use Historical Comparisons: Compare current profitability levels with historical data to identify recurring patterns and market signals.
* Monitor Extremes: Pay attention to very high or very low percentages as they often align with market tops or bottoms.
* Consider External Factors: Account for macroeconomic events and news that may influence holder profitability.

## How to Use the Indicator Effectively

* Gauge Market Sentiment: Use high profitability percentages to confirm bullish sentiment and low percentages to identify capitulation phases.
* Identify Market Cycles: Monitor shifts in profitability to align strategies with market transitions.

## Created By: This indicator is a widely recognized tool in blockchain analytics.


# Long-Term-Supply

## Tutorial: Long-Term Holder Supply Indicator

The Long-Term Holder Supply indicator measures the total amount of coins held by long-term investors. This metric reflects the behavior of long-term holders (LTHs), providing insights into market confidence, accumulation trends, and potential distribution phases.

## Steps to Use the Long-Term Holder Supply Indicator

1\. Understand the Concept:

* LTH Supply: Represents the total holdings of investors who have kept their assets for an extended period (e.g., more than 155 days).
* Relevance: Highlights the confidence and behavior of long-term holders, often considered “strong hands” in the market.

2\. Interpret the Long-Term Holder Supply Indicator:

* Increasing Supply: Indicates accumulation by long-term holders, reflecting confidence in the asset’s future value.
* Decreasing Supply: Suggests distribution by long-term holders, often associated with profit-taking or reduced confidence.
* Trend Analysis: Persistent trends in LTH supply provide insights into broader market dynamics and sentiment.

3\. Analyze Historical Patterns:

* Bull Markets: LTH supply often decreases as long-term holders distribute coins to capitalize on higher prices.
* Bear Markets: LTH supply typically increases as holders accumulate during price corrections.
* Market Cycles: Significant shifts in LTH supply often align with key market turning points.

4\. Make Decisions:

* During Supply Increases: Consider aligning with accumulation trends, particularly in undervalued markets.
* During Supply Decreases: Monitor for potential market corrections or profit-taking behavior.
* Validate Sentiment Shifts: Use changes in LTH supply to confirm broader market trends and sentiment.

## Tips:

* Combine with Other Metrics: Pair LTH supply with indicators like SOPR, transaction volume, and price trends for a comprehensive analysis.
* Track Historical Levels: Compare current LTH supply with historical data to identify patterns and market cycles.
* Monitor Significant Changes: Sudden shifts in LTH supply can signal key market events or turning points.
* Account for External Factors: Consider macroeconomic conditions and regulatory developments that may impact LTH behavior.

## How to Use the Indicator Effectively

1. Assess Accumulation Trends: Use increasing LTH supply to identify periods of strong market confidence and accumulation.
2. Identify Distribution Phases: Monitor decreasing LTH supply to detect profit-taking or reduced long-term confidence.
3. Support Investment Strategies: Incorporate LTH supply data into long-term portfolio management and risk assessment.

## Created By: This indicator is a widely recognized tool in blockchain analytics.




---

[Next Page](/llms-full.txt/1)