Understand the data before comparing it

Compares market capitalization with realized capitalization. A value of 2 indicates a market value twice the aggregate realized value.

Values bitcoin at the price of their last on-chain movement. It is a proxy for aggregate cost: a transfer does not necessarily correspond to a purchase.

Theoretical average cost of supply derived from realized capitalization. A derived calculation must use inputs from the same daily observation.

Net unrealized profit or loss relative to market value. The version derived from MVRV uses the same methodology and date as the original data.

Ratio of value at spending to value at creation for spent outputs. Above 1 indicates an aggregate profit on coins moved; below 1, a loss. Not integrated in this version.

Unspent Transaction Output: an output of a transaction that can still be spent. A wallet balance consists of one or more UTXOs.

Addresses participating in on-chain activity during the provider's interval. They are not users: one person may control many addresses, and one address may serve many users.

Addresses with a positive balance under the provider's methodology. The number does not equal the number of investors or wallets.

An estimate of the computing power used in proof of work, expressed in hashes per second. It is inferred from observed blocks and depends on the statistical window.

Measures how difficult it is to find a valid block relative to the protocol's reference. It adjusts every 2,016 blocks to target an average of around 10 minutes per block.

Estimated change in difficulty at the next retarget. The forecast changes with new blocks; it is not a value already fixed by the protocol.

Satoshis per virtual byte: the unit price of space in a block. The total fee depends on the transaction's virtual size, not the amount transferred.

The set of valid transactions known to a node that have not yet been confirmed. Each node may have a different view. The pending count alone does not determine confirmation time.

Halving of the block subsidy every 210,000 blocks. The future date depends on actual block times; fees are not halved.

Bitcoin issued according to the provider's metric. It is not an estimate of coins that are actually liquid: it also includes coins presumed lost or unmoved.

Theoretical value of the circulating supply at the reference price. It does not measure money invested in the market or the value realizable by selling the entire supply.

Open, High, Low, Close: the opening, highest, lowest and closing prices of a candle. The latest candle may still be forming; its close is therefore provisional.

Amount traded on the spot market during the stated period. A single exchange's volume is not the same as aggregate market volume.

Difference between the best selling price and the best buying price. A narrow spread does not guarantee that a large order can be executed without slippage.

Derivative positions that remain open. Units depend on the contract and provider. An increase alone does not reveal whether the market is bullish or bearish.

A payment mechanism between perpetual longs and shorts to keep the price close to the index. A positive rate generally implies payments from longs to shorts. Always check the reference window.

A future's premium or discount to the spot price. The annualized value depends on days to expiry and does not represent a guaranteed return.

Difference between inflows and outflows attributed to share creations and redemptions. Farside data is in USD millions and may be partial until all funds have reported.

Assets under management: the value of assets being managed. It changes with both flows and asset prices. The change in AUM is not equal to net flow.

US dollars per euro. To convert USD to EUR, divide by EUR/USD. An exchange's BTC/EUR price may differ from the theoretical conversion.

A composite index from 0 to 100. Low values indicate greater fear and high values greater greed under the provider's model. It is not a standalone trading signal.

Inflows minus outflows from addresses attributed to exchanges by Coin Metrics. It is available in the Community API, but covers exchanges identified by the provider rather than the entire market. New classifications may change the series.

Bitcoin held by addresses attributed to exchanges by Coin Metrics. It measures the provider's coverage, not a verification of all exchange liabilities or complete proof of reserves.

Long-term and short-term holder cohorts. The threshold and methodology depend on the provider; many metrics use around 155 days. Cohort data is not integrated in this version.

Distribution of supply by time since its last movement. It measures coin age, not holders' intentions. This series is not integrated in this version.