Cycle dashboard/Indicators
Bitcoin on-chain indicators
Bitcoin on-chain cycle indicators
Six public gauges, each with its own page, its own raw number and its own honest limits. This page shows all of them at once — the live value in its natural unit, where that value sits in fifteen years of history, and how the six combine into the single cycle read on the CryptoTIDE dashboard. Everything is computed from free, keyless public data.
Public data refreshes every six hours.
The six indicators, live
Each value below is the raw number in its own unit — not a normalised 0–1 score. The percentile column says how many days in the whole public series since September 2010 printed a lower value than today's.
| Indicator | Value now | Historical percentile | Formula | Evidence family | Key levels |
|---|---|---|---|---|---|
| MVRV Z-Score | – σ | – | (market cap − realized cap) ÷ σ(market cap) | Realized cost basis | Below 0 · above 3.5 |
| Mayer Multiple | – ratio | – | price ÷ 200-day moving average | Trend | Below 0.80 · above 1.80 |
| Puell Multiple | – ratio | – | daily issuance USD ÷ its 365-day average | Miner revenue | Below 0.50 · above 2.50 |
| Pi Cycle Top proximity | – ratio | – | 111-day MA ÷ (2 × 350-day MA) | Trend / timing | Above 0.90 · cross at 1.00 |
| NUPL | – fraction | – | (market cap − realized cap) ÷ market cap | Realized cost basis | Below 0 · above 0.55 |
| Realized Price | – USD | – | realized cap ÷ circulating supply | Realized cost basis | Spot below it = MVRV under 1 |
Values load from the same data/latest.json file the dashboard reads, and the
percentile is computed in your browser from the full published history. If a cell shows "n/d", that field is absent
from the latest snapshot.
What each one is saying right now
| Indicator | Plain-language read |
|---|---|
| MVRV Z-Score | Reading the latest snapshot… |
| Mayer Multiple | Reading the latest snapshot… |
| Puell Multiple | Reading the latest snapshot… |
| Pi Cycle Top proximity | Reading the latest snapshot… |
| NUPL | Reading the latest snapshot… |
| Realized Price | Reading the latest snapshot… |
These are descriptions of where a number sits in its own history. They are not recommendations, and none of them says anything about what happens next.
How six gauges become one cycle read
Stacking indicators is easy and mostly wrong. Four of the six on this page — MVRV Z-Score, NUPL, realized price and the MVRV ratio behind them — are algebraic rearrangements of the same two quantities, market cap and realized cap. NUPL is exactly 1 − 1/MVRV. Realized price is exactly spot ÷ MVRV. Charting them side by side looks like four independent confirmations and is in fact one dataset drawn four times.
CryptoTIDE handles that by grouping metrics into evidence families and capping each family at one vote:
| Family | Members | What the family measures |
|---|---|---|
| Realized cost basis | MVRV ratio, MVRV Z-Score, NUPL, realized price | Where market value sits against what the market paid |
| Trend | Mayer Multiple | Price against its own long moving average |
| Trend / timing | Mayer Multiple, Pi Cycle proximity | Moving-average extension and the classic top configuration |
| Miner | Puell Multiple | Issuance revenue against its own yearly norm |
| Drawdown | Distance from the cycle high | How far price has fallen from the peak |
| Holder cost bands | Short- and long-term holder realized prices | Spot against newer and seasoned holder cost basis — frequently unavailable in free data |
The families are then read against a structural prior — days since the last Bitcoin halving — rather than on their own. That two-axis arrangement is the Cycle Compass, and it publishes an ordinal verdict and a conviction level, never a probability of a top or a bottom. Three of the six indicators here (MVRV-Z, Mayer, Puell) additionally feed the older 0–1 TIDE valuation lens that drives the dashboard gauge. The full construction is on the methodology page.
One pattern runs through all five oscillators on this site, and it is the most useful thing they collectively say: every one of them has printed a lower extreme at each successive cycle peak. MVRV-Z 11.75 → 10.66 → 10.09 → 7.15 → 3.35. Mayer 13.07 → 8.26 → 3.78 → 2.83 → 1.85. Puell 21.18 → 10.49 → 6.62 → 3.46 → 2.43. NUPL 0.878 → 0.830 → 0.788 → 0.747 → 0.640. Pi Cycle proximity 1.462 → 1.230 → 1.059 → 1.004 → 0.736, without a crossing at all in the current cycle. Any threshold quoted from an older cycle describes a market with far higher volatility than the one trading today.
Open an indicator
Each page carries the live raw value, a full-history chart on real axes with the threshold levels marked, the exact formula the producer uses, what the indicator printed at every cycle peak and trough, and what it cannot tell you.
Questions about Bitcoin on-chain indicators
What are Bitcoin on-chain indicators?
On-chain indicators are metrics computed from data recorded on the Bitcoin blockchain itself — coin movements, issuance, supply — usually combined with price. They describe the state of the network and of aggregate holder positioning rather than chart patterns. MVRV Z-Score, NUPL and realized price are on-chain; the Mayer Multiple and Pi Cycle Top are price-derived and are included here because CryptoTIDE reads them alongside the on-chain set.
Which Bitcoin cycle indicator is the most reliable?
None of them individually. Each has at most five cycle observations, and every one of the oscillators here has printed a lower extreme at each successive cycle peak. CryptoTIDE groups correlated metrics into evidence families — the four realized-cap metrics count once, not four times — and reads the halving clock alongside them, precisely because no single gauge carries a cycle read on its own.
Where does CryptoTIDE's indicator data come from?
Everything is derived from free, keyless, public sources: the CoinMetrics Community API for price, market cap, MVRV ratio, issuance and supply, plus Binance public endpoints for derivatives context. No paid feed, no licensed dataset, no account required. The producer that computes the series is open in the repository and the output is published as JSON.
How often do these Bitcoin indicators update?
The underlying series is recomputed every six hours from the public daily data, so each indicator carries an "as of" date that is the last complete trading day in the source. The BTC spot price shown on the dashboard is a separate live display and does not recalculate the on-chain metrics.