Bitcoin On-Chain Metrics: What They Measure and What They Cannot Call
Learn the mechanics, assumptions and limitations of NUPL, SOPR, MVRV, Puell Multiple and realised age metrics without treating historical thresholds as predictions of Bitcoin tops or bottoms.
CL
CryptoLVEditorial team
·5 min read
Review and sources
Reviewed 2026-08-13 by CryptoLV Editorial. Next review: 2026-11-13.
- Glassnode Docs: SOPR opens in a new tab
Supports: SOPR estimates realised profit or loss for coins moved on-chain over a selected timeframe.
- Glassnode Docs: MVRV Ratio opens in a new tab
Supports: MVRV compares market capitalisation with realised capitalisation as a measure of divergence from aggregate cost basis.
- Glassnode Docs: Puell Multiple opens in a new tab
Supports: Puell Multiple compares daily USD coin issuance with its 365-day moving average as an oscillator related to miner income.
- Glassnode research: investor cost basis opens in a new tab
Supports: NUPL measures aggregate unrealised profit or loss, while SOPR indicates whether moved coins are realised at profit or loss on average.
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