is an on-chain terminal for rigorous Bitcoin network analysis. It helps you identify market phases and contextualize price action through on-chain structure: capital flows, holder cohorts, and supply maturity.
Build an objective view using direct blockchain data. All metrics are computed directly from raw blocks under strict, fixed rules and a single, consistent time convention.
On-chain data shows how capital moves through the network: who is accumulating, who is distributing, where supply is maturing, and when the market regime shifts.
Price often reflects that context with a lag.
See which coins are dormant, which are changing hands, and how supply maturity evolves across cohorts. This helps separate accumulation from distribution.
Benchmark the market against its on-chain baseline: cost basis, realized structure, and profit/loss regimes help pinpoint where price is extended and where the market is returning to more rational levels.
Track concentration and flow across address cohorts: how large holders behave and how distribution shifts over time. This can surface sentiment inflections before the headlines.
Analyze, drill down, and iterate with minimal friction.
A clear reference frame for objective network assessment, from market dislocations to ownership structure and capital turnover. No opaque composites or black-box indicators. Assumptions and calculation rules are fixed and documented in the methodology.
Measures how Bitcoin’s spot price deviates from the network’s aggregate cost basis (Realized Price). It quantifies structural overvaluation or undervaluation relative to the realized capitalization of all holders.
Classifies supply by holding time. It captures redistribution between short-term speculative positioning (STH) and long-term holding (LTH).
Measures coin turnover and realized profit and loss on-chain. It links spends of older UTXOs to volatility and cycle dynamics.
Definitions, data sources, calculation rules, and reproducibility. Clear and consistent.
is a research workspace for on-chain analytics. Metrics are derived from Bitcoin blockchain data and published with consistent definitions and units, backed by a reproducible calculation pipeline.
Disclaimer: is for research and informational purposes. Not financial advice.
is built for those who treat Bitcoin not just as a ticker on a screen, but as an observable economic system with its own capital structure and market cycles.
Step back from short-term noise. Track positioning across key holder cohorts and shifts in network profitability using UTXO structure and realized metrics, rather than reacting to headlines.
When most participants are running the same price indicators, the edge comes from data depth. Study long-term holder behavior and UTXO age bands to spot market phase shifts before they reach market consensus.
Professional research needs verifiable data and clear visuals. Use on-chain series as a base layer for reports and presentations, and build your own analytical view instead of repeating someone else’s conclusions.
A full toolkit for analyzing market structure and on-chain behavior in depth. Browse the gallery to see the interface in action.
Realized Price as an on-chain cost-basis benchmark.
Network-wide unrealized profit vs. loss.
Age cohorts across economic supply (absolute).
Supply held by LTHs, measured on economic UTXOs.
Economic Holders share by cohort.
Coin Days Destroyed as a proxy for dormant supply reactivation.