Wiki
Biturai Trading Wiki
The Biturai crypto encyclopedia: AI-assisted, data-informed, and continuously quality-audited.
Murad Mahmudov's Bitcoin Reserve Risk Explained
Murad Mahmudov, a prominent crypto analyst, significantly contributed to the popularization of the Bitcoin Reserve Risk metric.
Renato Shirakashi and the Spent Output Profit Ratio (SOPR)
The Spent Output Profit Ratio (SOPR) is an on-chain metric that reveals the aggregate profit or loss of all bitcoins moved on the blockchain within a specified timeframe.
David Puell's Puell Multiple: Origin and Application
The Puell Multiple is an on-chain indicator that assesses the profitability of Bitcoin miners relative to their historical average. It helps identify potential market tops and bottoms by analyzing miner selling pressure.
Willy Woo's NVT Variants Versus the Original NVT Ratio
The NVT Ratio assesses a blockchain network's valuation against its on-chain transaction utility, akin to a P/E ratio for equities.
Calculating Realized Cap and MVRV on Ethereum
The Realized Cap and MVRV ratio are on-chain metrics used to assess the valuation of cryptocurrencies like Ethereum.
Applying On-Chain Metrics to Stablecoins
On-chain metrics provide a transparent view into the mechanics and market dynamics of stablecoins by tracking their supply, mints, burns, and cross-chain transfers.
Interpreting On-Chain Data: Common Pitfalls
On-chain data provides transparent insights into cryptocurrency network activity, revealing capital flows and participant behavior.
On-Chain Confirmation of Accumulation in Bear Markets
On-chain analysis provides unique insights into market behavior by examining public blockchain data. During bear markets, specific metrics can indicate when significant accumulation is occurring, often signaling potential market bottoms.
Measuring Hot Supply: Recently Moved On-Chain Assets
Hot Supply tracks recently moved cryptocurrency on-chain, indicating immediate market liquidity and short-term holder intentions.
Realized Cap as a Capital Flow Indicator
Realized Cap measures the total value of a cryptocurrency at the price each coin last moved on-chain, offering a unique perspective on the aggregate capital invested.
Identifying On-Chain Divergences Between Price and Activity
On-chain divergences occur when a digital asset's price trend conflicts with its underlying blockchain activity.
Spent Output Profit Ratio: Understanding Smoothing and Noise
The Spent Output Profit Ratio (SOPR) is an on-chain metric that reveals whether market participants are selling their cryptocurrencies at a profit or a loss.
Interpreting the 90-Day Moving Average of Coin Days Destroyed
The 90-day moving average of Coin Days Destroyed is an on-chain metric that quantifies Bitcoin activity by weighting transactions based on how long coins were held dormant.
Exchange Net Position Change: Market Sentiment Indicator
The Exchange Net Position Change metric tracks the net flow of cryptocurrencies into or out of exchange wallets. It serves as a key on-chain indicator for understanding market sentiment, revealing accumulation or distribution phases.
Interpreting Long-Term Holder Net Position Change
The Long-Term Holder (LTH) Net Position Change is a crucial on-chain metric that provides insight into the behavior of experienced market participants.
Measuring Overall Market On-Chain Profitability
On-chain profitability analysis uses publicly available blockchain data to assess the aggregate financial status of cryptocurrency market participants.
Realized Price Drawdown as a Market Stress Indicator
The Realized Price Drawdown measures the decline of an asset's market price below its realized price, indicating periods of significant market stress.
Spent Output Lifespan: Old Hands vs. New Hands in Crypto Markets
Understanding the lifespan of spent outputs reveals whether market movements are driven by long-term holders or newer participants. This on-chain metric provides deep insights into market structure and sentiment.
On-Chain Indicators for Identifying Market Tops
On-chain analysis offers unique insights into cryptocurrency markets by examining data directly recorded on the blockchain.
Realized Volatility and On-Chain Activity Correlation
Realized volatility measures an asset's actual price fluctuations, while on-chain activity tracks all transactions and events on a blockchain.