On-chain indicators

On-chain indicators read data directly from the blockchain: how many coins flow onto exchanges, whether moved coins are sold at a profit, how heavily the network is used, and what mining costs. You'll find them under Top bar → Indicators → On-chain.

The four basic panes

These four panes have only the settings in the Style tab. The latest day is provisional and can still change the next day.

Exchange netflow (BTC and ETH)

Inflows to exchange wallets minus outflows from them, in dollars, as columns per day. Red is net inflows, turquoise net outflows.

How to read it: Coins that move to exchanges are usually ready to be sold, so sustained inflows are a warning sign. Sustained outflows mean coins are going into self-custody and are therefore more likely to be held.

MVRV Z-Score (BTC and ETH)

How far market value is above realized value, meaning the value of all coins at the price of their last move, normalized by the fluctuation of market cap. Lines at 0, 3, and 7.

How to read it: From 7 up (shaded red), the market has historically been overheated; below 0 (shaded turquoise), it was below its cost basis, which has marked cycle lows in the past.

SOPR (Bitcoin only)

Spent Output Profit Ratio: sale price divided by cost basis of all coins moved on a given day. Above 1 (turquoise), coins are sold at a profit; below 1 (red), at a loss.

How to read it: The 1 line is the whole indicator. In bull markets, it has historically held as support (holders are reluctant to sell at a loss); in bear markets, as resistance (anyone back at break-even gets out).

Active addresses (BTC and ETH)

The number of addresses involved in a transaction on a given day. A measure of how heavily the network is used. Rising activity often accompanies rising prices; a rally without more activity stands on thinner ground.

mantacharts models (Bitcoin only)

These studies build models from network data or approximate on-chain quantities. They are all calibrated to Bitcoin and intended for daily and weekly charts.

mantacharts: BTC production cost

What it costs the network to produce one bitcoin: smoothed hashrate times miner efficiency gives the power consumption, and dividing by the coins newly issued each day gives the cost per BTC. Two lines over the price: the pure electricity cost floor and above it the production cost with extra costs.

How to read it: If the price falls below the electricity cost floor, the average miner is working at a loss and will eventually shut down. Since 2013, the price has been below it in only a few phases, each time at cycle lows. After each halving, the line jumps up because the issuance of new coins is cut in half.

mantacharts: Bitcoin Energy Value

Bitcoin's value from energy input alone: network power divided by the growth rate of supply, times a fixed dollar value per joule. A smoothed line (20-day average) and the unsmoothed daily line over the price.

How to read it: As a slow reference line. Historically, the price has rarely been well below the model value, and then near cycle lows. A price far above it is normal for long stretches.

No settings other than style.

mantacharts: Energy Value Oscillator

The distance of the price from the energy value in percent. From March 2020 on, the model factors in an inflation factor of 6% per year.

mantacharts: BTC / energy

The price per unit of hashrate (USD per EH/s), smoothed over 7 periods and read against its own yearly average. The curve rises when the price grows faster than computing power, and falls when hashrate grows into a price that doesn't keep up.

Zones: Far above the yearly average (1.5× and up), Above the yearly average (1× to 1.5×), Below the yearly average (0.5× to 1×), Margins under pressure (below 0.5×).

mantacharts: Bitcoin SOPR

The same SOPR series as the basic pane, but colored by zone: Heavy profit-taking (1.05 and up), Moderate profits (1.00 to 1.05), Moderate losses (0.95 to 1.00), Selling at a loss (below 0.95).

mantacharts: STH Cost Bands

The cost basis of short-term holders, approximated as a moving average of the typical price over 155 days, with bands at multiples of the standard deviation over the price: +3σ (extreme overextension), +2σ (distribution zone), +1σ (profit zone), mean, −1σ (pain zone), −2σ (accumulation). The bands grow proportionally with the price. Setting: STH period (days), default 155.

mantacharts: % Supply in Profit (approximation)

The share of the last 1,500 closes that are below the current price, as an approximation of the share of supply in profit.

Zones: Overheated (95% and up), Bull market (75 to 95%), Neutral (50 to 75%), Loss phase (25 to 50%), Capitulation (below 25%). Setting: Window (candles), default 1500.

Network (Bitcoin only)

mantacharts: Active addresses (BTC)

Daily active Bitcoin addresses, smoothed over one week and shown as the deviation from their own yearly average. The absolute value says little across the years; the deviation shows whether the network is currently being used more or less than usual.

Zones: Extreme activity (+50% and up), High activity (+20 to +50%), Medium activity (0 to +20%), Low activity (below 0%). Settings: Smoothing (days) 7, Average length (days) 365.

mantacharts: Bitcoin transaction fees (daily total)

The total of all fees paid on a given day as a multiple of their moving yearly average. Fee spikes show phases when many people want onto the blockchain at the same time, often during hype or panic.

Zones: Calm (below the yearly average), Elevated (1× to 2×), High (2× to 4×), Fee spike (4× and up).

The raw series

Five panes show the network data directly, with no model and no settings. In the header, “· On-chain” follows the name.

All five have one value per day.