Market: Coinbase BTC-USD spot statistics. Price, range and volume refer to this exchange, not the whole market.
Valuation: Coin Metrics Community daily observations. MVRV divides market capitalization by realized capitalization; realized price divides realized capitalization by circulating supply. Puell divides USD coin issuance (excluding fees) by its trailing 365-day average.
Calculated CVDD: the cumulative sum of Open Bitcoin Metrics daily coin-days destroyed × Coin Metrics daily USD price, divided by (Bitcoin’s age in days since January 3, 2009 × 6,000,000). USD prices begin July 18, 2010; earlier coin-days destroyed are unpriced and excluded from the sum. This independent daily estimate may differ from Bitbo. The observation date follows the latest completed day covered by both sources and can lag collection.
CVDD data: Open Bitcoin Metrics by Diego R. Llanos; daily data combined with Coin Metrics prices and transformed into this estimate. Open Bitcoin Metrics · CC BY 4.0
MVRV Z-Score: calculated from Coin Metrics Community market capitalization and MVRV. Realized capitalization = market capitalization ÷ MVRV; Z-Score = (market capitalization − realized capitalization) ÷ the population standard deviation of all daily market capitalizations since July 18, 2010. It uses the latest completed daily observation, without an added 7-day delay. Pi Cycle Top: 111-day simple moving average ÷ (2 × 350-day simple moving average), using completed Coin Metrics daily prices. The threshold is 1. A new upward cross means the previous completed day was at or below 1 and the latest is above 1.
Indicator methodology: CVDD · MVRV Z-Score · Pi Cycle Top · Coin Metrics
Chart: the last 52 completed Sunday daily closes (UTC). Each 200-week average uses 200 completed Sunday closes. The price/average ratio combines the latest Coinbase quote with that weekly average.
PSIP: BGeometrics Supply in Profit (BTC) ÷ Coin Metrics circulating BTC supply × 100, joined by completed UTC day. BTC prices also come from Coin Metrics. Only days with all three inputs are plotted; gaps longer than one day break both curves. BTC price uses a logarithmic left axis; PSIP uses a fixed 0–100% right axis. Collection runs every 4 hours and the visible browser checks every 5 minutes; the source observations remain daily. Readings are stale after 72 hours without a new observation or 12 hours without a successful collection. This independently calculated series may differ from Glassnode’s PSIP.
Trend: 7- and 30-day returns use completed Coin Metrics daily closes, so they differ from the live quote. The 52-week high is the highest of the last 364 daily closes; distance compares the latest completed close with that high.
Volatility: DVOL is Deribit’s annualized 30-day implied volatility, using the latest completed one-minute candle. Realized volatility is the sample standard deviation of 30 daily log returns, multiplied by √365 and expressed as a percentage; it updates with Coin Metrics daily data.
Options: Deribit inverse BTC option mark IV and forward prices. Delta is model-derived, unadjusted forward delta, without premium adjustment. Within each expiry, IV is linearly interpolated at put delta −0.25 and call delta +0.25; ATM IV is interpolated in log(strike / forward) at the forward strike. No extrapolation is used. For 7-, 30- and 90-day targets, the nearest listed expiry is shown with its actual remaining term, not a constant-maturity estimate. Skew = 25Δ put IV − 25Δ call IV; butterfly = (25Δ put IV + 25Δ call IV) / 2 − ATM IV. Both use volatility percentage points; positive skew means puts have higher IV. Put/call OI sums reported open interest across all covered active BTC option expiries. Mark prices describe Deribit’s pricing model, not executable quotes or the whole options market.
ETF flows: SoSoValue data via ByKaranteli’s public feed. Only finalized US spot Bitcoin ETF reports are used. Totals sum the last 5 or 20 reported trading days; provisional data is excluded and non-trading days are not counted as zero. Reporting dates are shown above. Reports older than 7 calendar days are marked stale.
ETF holdings: stored history is extended with new reports. IBIT history comes from iShares; after the initial backfill, updates cover missed runs and recheck the last 7 calendar days for corrections. FBTC uses archived issuer reports where available and Fidelity’s latest report via Bitcoin ETF Data; its historical coverage is incomplete. Quarterly issuer filings report whole-BTC quantities. Dates are the issuer’s holdings dates, not publication dates. Values are BTC quantities, not fund shares, dollar assets or ETF flows. FBTC and IBIT use independent left and right BTC axes, each spanning its visible minimum and maximum plus 10% padding on both sides. Flat ranges use 1% of the balance or 1 BTC, whichever is larger. Scales follow the selected dates and estimate visibility. Lines connect observations no more than 7 calendar days apart; longer gaps break the line. Markers appear when inspecting a date or where an observation is isolated. Optional FBTC estimates fill supported missing dates using Farside net dollar flows divided by Coin Metrics daily BTC prices, anchored to preceding verified balances and adjusted for fund fees. Execution prices, settlement and rounded flows cause estimation error. Short green dashes identify estimates; verified reports always take precedence. The latest cards remain issuer observations. Estimate collection times and failures are shown separately; missing inputs leave a gap.
Leverage: ByKaranteli’s tracked BTC venue rows. Combined open interest sums reported USD amounts for eligible BTC perpetual venues, including Binance when available; WhiteBIT and BitMart are excluded while their reported OI remains unreconciled. Funding is weighted by OI only where both OI and a normalized 8-hour rate are available; its venue count and OI coverage can differ. Positive funding means longs pay shorts. The separately labeled 24-hour OI change and its current OI refer only to Binance BTCUSDT, not the combined venue total.
Liquidations: the BTCUSDT bucket in ByKaranteli’s recorded 24-hour feed. Long and short amounts describe forced closures. Coverage lists the provider’s feed collection modes, not proof that every listed venue contributed BTC events. Binance is sampled and Deribit is delayed; uncollected and unverified feeds are excluded. No market-wide estimate or all-coin total is used.
Stablecoins: DefiLlama’s circulating face-value supply for its USD-pegged stablecoin universe. The latest completed UTC day is compared with observations exactly 7 and 30 days earlier; incomplete days are excluded. Supply changes are not net money flows and can reflect changes to the tracked universe. USDT and USDC prices come directly from DefiLlama’s price API; each quote’s observation time is shown. Peg deviation is (price − $1) ÷ $1, expressed as a percentage.
Sentiment: Alternative.me’s daily Fear & Greed Index. Historical readings are index scores on a 0–100 scale. Comparisons use exactly 1, 7 and 30 UTC calendar days before the latest observation; missing days remain unavailable and break the chart line.
Network: mempool.space. Hashrate is an estimate. Fees are suggested rates, not confirmation guarantees. The next subsidy halving occurs at the next multiple of 210,000 blocks.
Collection schedules, browser checks and update timestamps are listed in Data updates.
Coin Metrics Community data is licensed under CC BY-NC 4.0; attribution: Coin Metrics.