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Biturai Trading Wiki
The Biturai crypto encyclopedia: AI-assisted, data-informed, and continuously quality-audited.
Supply-Adjusted CDD: Analyzing Long-Term Holder Movements
Supply-Adjusted CDD is an on-chain metric that normalizes the movement of dormant cryptocurrency, providing insight into the behavior of long-term holders. It helps analysts understand when significant amounts of previously inactive supply
Binary CDD: When Dormant Coins Become Active
Binary CDD is an on-chain metric that reveals when long-dormant cryptocurrency coins begin to move, indicating a shift in the behavior of long-term holders. It helps analysts understand potential market sentiment changes by comparing daily
Understanding Spent Output Value Bands in Bitcoin Analysis
Spent Output Value Bands (SOVB) categorize spent Bitcoin transaction outputs by their monetary value, offering insights into market participant behavior. This tool helps identify capital flows and sentiment across different investor
Realized Loss Explained: A Potential Market Bottom Signal
A realized loss occurs when an asset is sold for less than its original purchase price, representing an actual financial loss. In cryptocurrency markets, large-scale realized losses can often signal a period of capitulation, potentially
Net Realized Profit/Loss Explained
Net Realized Profit/Loss (NRPL) quantifies the total profit or loss that all market participants have actually locked in by selling or moving their cryptocurrencies on-chain. This metric provides a clear view into the aggregate sentiment
Relative Unrealized Profit Explained: Network Paper Gains
Relative Unrealized Profit (RUP) is an on-chain metric that normalizes the total unrealized profit or loss across a cryptocurrency network. It provides a scaled view of market sentiment, indicating whether the collective holdings are
Long-Term Holder NUPL and Market Euphoria
The Long-Term Holder Net Unrealized Profit/Loss (LTH-NUPL) is an on-chain metric that assesses the overall profitability of Bitcoin investors who have held their assets for over 155 days. It helps identify periods of market euphoria and
Short-Term Holder NUPL as a Market Stress Indicator
The Short-Term Holder Net Unrealized Profit/Loss (STH-NUPL) is an on-chain metric that assesses the aggregate profit or loss status of Bitcoin investors who have held their coins for less than 155 days. This indicator helps identify
NUPL Zones Explained: Capitulation, Hope, Optimism, Belief, Euphoria
The Net Unrealized Profit/Loss (NUPL) indicator helps identify different psychological phases in the crypto market, from extreme fear to irrational exuberance. Understanding these zones can provide insights into market sentiment and
Entity-Adjusted SOPR: Understanding Realized Profit and Loss
The Entity-Adjusted SOPR refines the Spent Output Profit Ratio by filtering out transactions between addresses controlled by the same entity. This provides a more accurate view of genuine market profit-taking or loss-realization behavior.
Long-Term Holder SOPR (LTH-SOPR): Profit-Taking by Experienced Holders
The Long-Term Holder SOPR (LTH-SOPR) is an on-chain metric that measures the realized profit or loss of Bitcoin investors who have held their coins for at least 155 days. It provides insights into the profit-taking behavior of experienced
Adjusted SOPR (aSOPR) Explained: SOPR Without Micro-Movements
The Adjusted Spent Output Profit Ratio (aSOPR) is an on-chain metric that filters out short-term transactions to provide a clearer view of investor profit or loss realization. It helps identify sustained trends in market sentiment by
Long-Term Holder MVRV and Market Cycle Tops
The Long-Term Holder MVRV (LTH-MVRV) ratio is an on-chain metric that assesses the valuation of cryptocurrencies by focusing on coins held by long-term investors. It helps identify periods of significant overvaluation or undervaluation,
Short-Term Holder MVRV as a Market Bottom Indicator
The Short-Term Holder MVRV (STH-MVRV) is an on-chain metric that assesses the collective unrealized profit or loss of recent Bitcoin investors. It serves as a sensitive barometer for market sentiment, often signaling potential market
MVRV vs. Realized Capitalization: Understanding On-Chain Valuation
The MVRV ratio compares an asset's market value to its realized value, offering insights into market sentiment and potential over or undervaluation. Realized Capitalization, a key component, represents the aggregate cost basis of all
Inverse vs. Linear Perpetuals: Understanding PnL Curvature
Perpetual futures contracts allow traders to speculate on asset prices without an expiry date. These contracts come in two primary forms, inverse and linear, each with distinct profit and loss characteristics that influence trading
Funding-Neutral Entry in Perpetual Futures
The funding-neutral entry strategy involves opening a perpetual futures position immediately after a funding payment has been processed. This timing allows traders to avoid paying or to receive the funding fee for the just-concluded
Adjusting Liquidation Price with Additional Margin
In leveraged crypto trading, adding more margin to an open position can strategically move its liquidation price further away from the current market price. This action provides a greater buffer against adverse market movements, helping to
Understanding the Settlement Index of a Crypto Option at Expiry
The settlement index for a crypto option at expiry is a specific price derived from the underlying cryptocurrency, used to determine the final value of the option contract. This index is crucial for cash settlement, ensuring a fair and
Crypto Options and Dividend Risk: An Analysis
Crypto options are financial derivatives that grant the right to buy or sell a cryptocurrency at a set price, without the obligation. Unlike traditional equity options, they are inherently free from dividend risk because cryptocurrencies