@bitcoinisdata
Beautiful visualizations of challenging Bitcoin metrics, with raw data available in CSV/XLSX/JSON formats. Updated hourly.
www.bitcoinisdata.com
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Recent Notes
MSTR is up just ~11% in USD across its entire BTC buying program since 2020.
It may turn negative again, as in 2022–23.
By my estimates, it now trades below its BTC holdings, with an mNAV of 0.79.
It may turn negative again, as in 2022–23.
By my estimates, it now trades below its BTC holdings, with an mNAV of 0.79.
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China's central bank hasn’t updated its money supply data for several months.
Normally, they release the previous month’s figures in the last days of the following month, but the most recent data available is from May 2025.
Did something go wrong?
Normally, they release the previous month’s figures in the last days of the following month, but the most recent data available is from May 2025.
Did something go wrong?
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Just added a CDF (cumulative distribution function) to the Bitcoin supply histogram by price.
As of today, approximately 10% of the coin supply is at a USD loss (and 90% is in profit).
As of today, approximately 10% of the coin supply is at a USD loss (and 90% is in profit).
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How to Know if We Are Close to a Bitcoin Price Cycle Peak?
Here we are, with Bitcoin breaking one all-time high after another. Everything looks fantastic, and it seems this honeymoon will never come to an end.
“This time is different! It’s a supercycle!”
I’ve heard that before…
For those who have been around for a long time, we know that at some point over the next 6 to 12 months, things tend to go south. But before that, and based on prior cycle, we should see an euphoria phase, with Bitcoin’s price rising significantly. Exciting times ahead!
So how do we know when the price might be near its peak? Nobody has a crystal ball to see the future, but we can use some on-chain indicators to guide our decisions. One of them is the MVRV (Market Value to Realized Value) ratio.
MVRV divides Bitcoin’s market capitalization (the current value in USD of all bitcoins in circulation) by its realized capitalization (all the USD that entered the Bitcoin network at the time of purchase). You can think of it as how many times, on average, BTC holders are “in profit.” For example, an MVRV of 2 means the average holder has doubled their value in USD terms, i.e., a 100% fiat gain.
We’ve revamped our MVRV chart to make it more visually appealing and added a one-year moving average (the red-dotted line), usually called the “MVRV Momentum.” That’s because, in bull markets, the MVRV tends to bounce off this line. As of now, the average holder is up 2.18x on their original cost basis, in USD terms, as shown in the chart below.
You can also view the MVRV ratio for specific holder cohorts, either short-term holders (STH) or long-term holders (LTH), from 1 month to up to 4 years. For example, below we show the MVRV ratio for STH, who have held Bitcoin for less than 5 months. They are almost at the waterline, with an MVRV of just 1.05.
A new addition to our suite of charts is the MVRV Rolling Window Z-Score, in which we standardize (subtract the mean and divide by the standard error) of the MVRV series, so that the resulting series have a mean of zero and a standard deviation of one.
We also calculate a rolling MVRV over a two-year (720-day) window, so that ancient history doesn’t skew current values. You can change this time window to any number of days using the input box provided.
The interpretation of this metric changes slightly: when it’s zero, MVRV is exactly at its historical mean. A Z-score of 2, for example, means the current MVRV is two standard deviations above the mean.
So, how can we use these metrics to identify a potential cycle peak? If we analyze MVRV peaks from previous cycles, we find that in 2017 the MVRV topped at 5.3, and in 2021 it reached 4.01. With the current MVRV sitting at 2.36, there still seems to be room for further upside before things get too hot.
We’ll continue monitoring the situation, but for now, the most likely scenario is that Bitcoin’s price keeps climbing.
That’s all for today, have a great one!
https://bitcoinisdata.com/mvrv_z_score/
Here we are, with Bitcoin breaking one all-time high after another. Everything looks fantastic, and it seems this honeymoon will never come to an end.
“This time is different! It’s a supercycle!”
I’ve heard that before…
For those who have been around for a long time, we know that at some point over the next 6 to 12 months, things tend to go south. But before that, and based on prior cycle, we should see an euphoria phase, with Bitcoin’s price rising significantly. Exciting times ahead!
So how do we know when the price might be near its peak? Nobody has a crystal ball to see the future, but we can use some on-chain indicators to guide our decisions. One of them is the MVRV (Market Value to Realized Value) ratio.
MVRV divides Bitcoin’s market capitalization (the current value in USD of all bitcoins in circulation) by its realized capitalization (all the USD that entered the Bitcoin network at the time of purchase). You can think of it as how many times, on average, BTC holders are “in profit.” For example, an MVRV of 2 means the average holder has doubled their value in USD terms, i.e., a 100% fiat gain.
We’ve revamped our MVRV chart to make it more visually appealing and added a one-year moving average (the red-dotted line), usually called the “MVRV Momentum.” That’s because, in bull markets, the MVRV tends to bounce off this line. As of now, the average holder is up 2.18x on their original cost basis, in USD terms, as shown in the chart below.
You can also view the MVRV ratio for specific holder cohorts, either short-term holders (STH) or long-term holders (LTH), from 1 month to up to 4 years. For example, below we show the MVRV ratio for STH, who have held Bitcoin for less than 5 months. They are almost at the waterline, with an MVRV of just 1.05.
A new addition to our suite of charts is the MVRV Rolling Window Z-Score, in which we standardize (subtract the mean and divide by the standard error) of the MVRV series, so that the resulting series have a mean of zero and a standard deviation of one.
We also calculate a rolling MVRV over a two-year (720-day) window, so that ancient history doesn’t skew current values. You can change this time window to any number of days using the input box provided.
The interpretation of this metric changes slightly: when it’s zero, MVRV is exactly at its historical mean. A Z-score of 2, for example, means the current MVRV is two standard deviations above the mean.
So, how can we use these metrics to identify a potential cycle peak? If we analyze MVRV peaks from previous cycles, we find that in 2017 the MVRV topped at 5.3, and in 2021 it reached 4.01. With the current MVRV sitting at 2.36, there still seems to be room for further upside before things get too hot.
We’ll continue monitoring the situation, but for now, the most likely scenario is that Bitcoin’s price keeps climbing.
That’s all for today, have a great one!
https://bitcoinisdata.com/mvrv_z_score/
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This week, we want to assess whether Bitcoin holders are in profit or loss in USD terms — and by what margin. To explore this topic, we're releasing a full set of charts. Let’s delve into it!
The first chart is “Coins in Profit or in Loss,” which shows the proportion of Bitcoin UTXOs that are in profit—i.e., coins that were bought at a lower USD price than the current market price—and the proportion of coins that are in loss, also in USD terms. Currently, about 97% of all coins are in profit, while the remaining 3% are in loss.
We can also visualize how much the average holder is in profit or loss. That is, for coins in profit, what’s the average return? And for coins in loss, what’s the average drawdown? Near all-time highs, as is the case now, the average return for coins in profit is 4,170%, while the average loss for coins in loss is around -1%.
Finally, we’ve also implemented the Bitcoin NUPL chart, which addresses the same topic from a different angle. NUPL stands for Net Unrealized Profit/Loss and represents the proportion of the Bitcoin market cap in USD that is currently in profit or loss at any given time. At the moment, approximately 56% of the Bitcoin market cap—around USD 2 trillion—is composed of unrealized profits.
As always, the new data fields are updated hourly and available for direct download in CSV/XLSX formats or in JSON via our API.
That’s all for today—have a great one!
www.bitcoinisdata.com
The first chart is “Coins in Profit or in Loss,” which shows the proportion of Bitcoin UTXOs that are in profit—i.e., coins that were bought at a lower USD price than the current market price—and the proportion of coins that are in loss, also in USD terms. Currently, about 97% of all coins are in profit, while the remaining 3% are in loss.
We can also visualize how much the average holder is in profit or loss. That is, for coins in profit, what’s the average return? And for coins in loss, what’s the average drawdown? Near all-time highs, as is the case now, the average return for coins in profit is 4,170%, while the average loss for coins in loss is around -1%.
Finally, we’ve also implemented the Bitcoin NUPL chart, which addresses the same topic from a different angle. NUPL stands for Net Unrealized Profit/Loss and represents the proportion of the Bitcoin market cap in USD that is currently in profit or loss at any given time. At the moment, approximately 56% of the Bitcoin market cap—around USD 2 trillion—is composed of unrealized profits.
As always, the new data fields are updated hourly and available for direct download in CSV/XLSX formats or in JSON via our API.
That’s all for today—have a great one!
www.bitcoinisdata.com
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Balances of UTXOs:
https://m.primal.net/NhZh.png https://m.primal.net/NhZi.png https://m.primal.net/NhZj.png https://m.primal.net/NhZm.png
Please remember that all the raw data used to create these charts is available for download on Bitcoin Is Data, either directly on the website or through the API.
https://bitcoinisdata.com/
That’s all for today—have a great one!
https://bitcoinisdata.com/
That’s all for today—have a great one!
New UTXO Charts!
Quantity and Balances Over Time, everything Segmented by Bitcoin Transaction Type.
Today we launched two new sections on Bitcoin Is Data related to UTXOs — Unspent Transaction Outputs: Quantity of UTXOs and Balances of UTXOs, both segmented by Bitcoin transaction types.
The live charts are online now, and you can see a snapshot of today's figures below.
Quantity of UTXOs:
Quantity and Balances Over Time, everything Segmented by Bitcoin Transaction Type.
Today we launched two new sections on Bitcoin Is Data related to UTXOs — Unspent Transaction Outputs: Quantity of UTXOs and Balances of UTXOs, both segmented by Bitcoin transaction types.
The live charts are online now, and you can see a snapshot of today's figures below.
Quantity of UTXOs:
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New MicroStrategy ($MSTR) Page in Bitcoin Is Data!
This massive update introduces a collection of Bitcoin-related metrics and charts for the Nasdaq-listed firm MicroStrategy ($MSTR).
1. MSTR Market Cap, Total Bitcoin Holdings Value, and Net Asset Value (NAV) Premium
2. MSTR Cost Basis and Bitcoin Market Value
3. MSTR Average Purchased Bitcoin Price
4. 12-Month MSTR Normalized Price Evolution Against Bitcoin
5. MSTR Rolling 60-Day Correlation with Bitcoin Daily Returns
6. MSTR / BTC Price Ratio
Live charts here: https://bitcoinisdata.com/mstr/
That's all for today — have a great one!
This massive update introduces a collection of Bitcoin-related metrics and charts for the Nasdaq-listed firm MicroStrategy ($MSTR).
1. MSTR Market Cap, Total Bitcoin Holdings Value, and Net Asset Value (NAV) Premium
2. MSTR Cost Basis and Bitcoin Market Value
3. MSTR Average Purchased Bitcoin Price
4. 12-Month MSTR Normalized Price Evolution Against Bitcoin
5. MSTR Rolling 60-Day Correlation with Bitcoin Daily Returns
6. MSTR / BTC Price Ratio
Live charts here: https://bitcoinisdata.com/mstr/
That's all for today — have a great one!
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