₿THE BITCOIN SIGNAL
RESEARCH ARCHIVE

On-Chain.

Bitcoin, macro and markets — newest first.

TOPICSBitcoinBondsCLARITY ActCost BasisDollarEuropeFederal ReserveInflationJapanLiquidityMVRVMacroOilOn-ChainReal YieldsRegulationResearch ProcessShort-Term HoldersTreasuriesUS TreasuriesUnited StatesValuation
  1. Metrics ExplainedBITCOIN

    RHODL Ratio Explained

    An explainer on how RHODL compares realized value across young and older Bitcoin coin-age bands, and why it requires careful interpretation.

    BitcoinOn-Chain
    READ THE ANALYSIS →
  2. Metrics ExplainedBITCOIN

    SOPR Explained: Spending Versus Creation

    An explainer on how SOPR compares Bitcoin output value when spent with its value when created, and why the measure requires context.

    BitcoinLiquidityOn-Chain
    READ THE ANALYSIS →
  3. Daily SignalsBITCOIN

    Realized Price: Bitcoin’s On-Chain Cost Basis

    This explainer shows how realized price estimates Bitcoin’s aggregate on-chain cost basis and why it should be treated as contextual evidence rather than a standalone market signal.

    BitcoinLiquidityOn-Chain
    READ THE ANALYSIS →
  4. Deep DivesMACRO

    Realized Price Frames Bitcoin Cost Basis

    Realized price provides an on-chain framework for studying Bitcoin’s aggregate historical cost basis, but no live reading is available in this review.

    MacroOn-Chain
    READ THE ANALYSIS →
  5. Daily SignalsBITCOIN

    Bitcoin Realized Price Needs Context

    Realized price is an on-chain cost-basis estimate that requires careful separation from Bitcoin’s spot market and this week’s macro developments.

    BitcoinOn-Chain
    READ THE ANALYSIS →
  6. Metrics ExplainedBITCOIN

    Short-Term Holder Cost Basis Explained

    How Short-Term Holder Realized Price estimates the on-chain cost basis of recently moved bitcoin—and where that estimate can mislead.

    BitcoinOn-ChainCost BasisShort-Term Holders
    READ THE ANALYSIS →
  7. Metrics ExplainedMACRO

    Puell Multiple: Miner-Cycle Context

    The Puell Multiple helps frame changes in Bitcoin issuance economics, but no live reading is validated for this review.

    MacroLiquidityOn-Chain
    READ THE ANALYSIS →
  8. Metrics ExplainedBITCOIN

    NUPL: Bitcoin’s Unrealized Profit and Loss

    A practical guide to NUPL, its realized-cap foundation, its limits, and how to use it as context rather than a standalone market signal.

    BitcoinLiquidityOn-Chain
    READ THE ANALYSIS →
  9. Metrics ExplainedBITCOIN

    MVRV Z-Score Explained

    How MVRV Z-Score compares Bitcoin’s market and realized capitalization—and why it should be used as valuation context rather than a timing signal.

    BitcoinOn-ChainMVRVValuation
    READ THE ANALYSIS →