On-chain analytics Bitcoin
On-chain metrics Bitcoin — data directly from the blockchain. Active addresses, transaction volume, NVT Ratio, SOPR and other network health indicators BTC in real time.
Data is current · updated daily
SOPR
НакоплениеSpent Output Profit Ratio. Above 1, coins are sold at a profit. Below 1, at a loss. Capitulation signal: SOPR < 1 несколько дней подряд.
Transaction volume
$USDTotal volume BTC, transferred online in 24 hours. An increase in volume while the price falls is a sign of distribution.
New addresses
24 hoursNumber of new addresses received for the first time Bitcoin. Correlates with the influx of new users into the network.
Average commission
USDAverage transaction fee on the network BitcoinHigh fees = high mempool load.
NVT Ratio
P/E of cryptocurrencyNetwork Value to Transactions. Analogous to P/E for BitcoinAbove normal = the network is overvalued relative to activity. Below normal = undervalued.
Mempool Size
LoadingThe size of the pool of unconfirmed transactions. It grows during periods of high demand for block space and periods of high activity.
Why does a trader need on-chain analytics? Bitcoin?
Blockchain Bitcoin Completely transparent—every transaction has been recorded in a public ledger since 2009. On-chain analytics is the interpretation of this data to understand the behavior of real market participants: miners, long-term holders, exchanges, and ordinary users. Unlike price charts, on-chain data is not manipulated—it cannot be faked.
SOPR (Spent Output Profit Ratio) is one of the most powerful on-chain indicators. In January 2019, SOPR briefly dropped below 1 as traders sold at a loss. This marked the bottom of the bear market before a rally from $3,200 to $13,800. In May 2021, during the correction, SOPR It stayed below 1 for several days, signaling retail participants' capitulation. A recovery followed within 2–3 weeks.
An increase in the number of active addresses while the price rises is a healthy bull market. A price increase with stagnant network activity is a sign of a speculative bubble without real fundamental demand. NVT Ratio, an analogue of P/E for Bitcoin, allows us to compare the market valuation of the network with the actual economic activity in it.
Key on-chain metrics and what they mean
| Metrics | What does it measure? | Bullish signal | Bearish signal |
|---|---|---|---|
| SOPR | Profit/loss when moving coins | A little above 1 | Long below 1 |
| Active addresses | Network activity and engagement | They grow along with the price | Stagnate while growing |
| NVT Ratio | Network Evaluation vs. Utilization | Below the historical norm | Significantly above normal |
| Transaction volume | Economic activity on the network | It grows when the price falls | Sharp surge at ATH |
Influence Spot Bitcoin ETF on-chain metrics
After launch Spot Bitcoin ETF In January 2024, a significant portion of the turnover went “offline”: funds (BlackRock, Fidelity, ARK) rebalance positions through Coinbase Custody, and these movements are not reflected in standard on-chain metrics. As of April 29, 2026, over 1.45 million ETFs are locked in custody. BTC — about 7% of the emission, and these coins provide minimal activity in the network.
This structurally understates traditional metrics: the number of active addresses is growing more slowly than it should at a price of $134K, and NVT Ratio looks more "fair" than in previous cycles. Analysts Glassnode And CryptoQuant We introduced "ETF-adjusted" versions of the metrics, excluding custody addresses. With this adjustment, actual network activity for 2024–2026 increased by 38% compared to the 2021 peak.
In parallel after Ordinals And Runes in 2023–2024 on the network Bitcoin The volume of non-monetary transactions has increased. This inflates the number of transactions and fees, but does not reflect economic activity. BTCModern on-chain analysis requires filtering by transaction type.
Historical Events and the Reaction of On-Chain Metrics
| Period | Event | On-chain signal | Price reaction |
|---|---|---|---|
| January 2019 | Bear market bottom | SOPR < 1 устойчиво | $3,200 → $13,800 |
| March 2020 | COVID-19 collapse | Surrender, SOPR 0.94 | $4,800 → $29,000 |
| May 2021 | Mining ban in China | SOPR < 1 несколько недель | $57K → $30K |
| November 2022 | Collapse FTX | Active addresses +22% | Bottom $15.7K → rebound |
| January 2024 | Launch Spot ETF | Volume jump +180% | $42K → $73K |
| April 2024 | Fourth halving + Runes | Commissions up to $146 per tx | Sideways until Q4 |
| 2025–2026 | ETF-era growth to $134K | Addresses 1.08M, NVT 82 | $95K → $134K |
On-chain data collection methodology
1. Source. All metrics are built from a public blockchain. Bitcoin, starting with the genesis block on January 3, 2009. Full nodes and indexers are used (Electrs, Esplora).
2. Clustering. Addresses are grouped by heuristics: "common input ownership" (if addresses are part of the same transaction, they belong to the same owner), and change reuse. This is how categories are distinguished: exchanges, ETF custodians, miners, long-term holders.
3. Filtration. Modern platforms (Glassnode, CryptoQuant, Coin Metrics) separates "entity-adjusted" metrics from raw ones: internal exchange movements, dusts, are excluded, Ordinals/Runes- transactions for monetary metrics.
4. Update. Most metrics are recalculated after each block (~10 minutes). Aggregates (24h) are updated continuously. Snapshots as of 00:00 UTC used for daily charts.