Metrics Explained.
Bitcoin, macro and markets — newest first.
- 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.
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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.
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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.
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Puell Multiple: Miner-Cycle Context
The Puell Multiple helps frame changes in Bitcoin issuance economics, but no live reading is validated for this review.
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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.
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Real Yields And Bitcoin’s Opportunity Cost
How nominal and inflation-indexed Treasury yields differ—and why real yields influence the hurdle rate for holding Bitcoin.
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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.
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