📊 On-Chain Core Metrics Snapshot
The 8 Critical Metrics Every Bitcoin Investor Must Watch
Below are my 8 core on-chain metrics that give you a clear snapshot of market health, sentiment, and valuation — the must-watch indicators if you only have a few minutes today.
SOPR Z-Score:
Score: 1.02
Investors are selling at a profit, but not excessively so
MVRV Ratio:
Score: 2.2
Above 1-year MA, but nowhere near upper σ bands
Short-Term Holder Realized Price:
Dynamic UTXO-weighted price: $95,000
Trading above STH cost basis, but no spike signals currently
Long-Term Holder Coin Flow:
Positive selling flow from coins > 1 year, but not in excessive amounts
σ Trading Channel:
Channel: $97,000 - $118,000
Trader Fair Value: $106,000
NVU Ratio:
21% above trend
Market cap is modestly outpacing active users, indicating healthy growth without overextension.
Retail Investor Index:
Positive retail flow
Retail cohort re-entering after capitulation around $75,000
Puell Multiple:
Score: 1.31
Above historical average. Miner profitability healthy but not yet at an extreme peak
Summary
Bitcoin’s on-chain data paints a picture of a healthy, maturing market. Valuation ratios like the MVRV and NVU show the market is above trend but not stretched, suggesting room for continued growth without major froth. Profit-taking is present but not excessive, and retail participation is picking back up after recent consolidation, which is a sign of rebuilding confidence. Overall, the data leans constructive, with no major signs of speculative extremes in sight.
I’ll see you in the next one.
Cheers,
On-Chain Mind
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