On-chain analytics Bitcoin
Bitcoin on-chain metrics – data directly from the blockchain. Active addresses, transaction volume, NVT Ratio, SOPR, and other BTC network health indicators in real time.
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
$USDThe total volume of BTC transferred within the network over the past 24 hours. An increase in volume while the price falls indicates distribution.
New addresses
24 hoursThe number of new addresses receiving Bitcoin for the first time. Correlates with the influx of new users into the network.
Average commission
USDAverage transaction fee on the Bitcoin network. High fees = high mempool load.
NVT Ratio
P/E of cryptocurrencyNetwork Value to Transactions. Similar to Bitcoin's P/E ratio. Above 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 Bitcoin analytics?
The Bitcoin blockchain is 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 (SOPR) is one of the most powerful on-chain indicators. In January 2019, SOPR briefly dipped 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 remained below 1 for several days, reflecting retail 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. The NVT Ratio, a P/E ratio for Bitcoin, allows one to compare the market valuation of the network with its actual economic activity.
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 |