Bitcoin Hash Ribbon: Miner Capitulation & Recovery

Bitcoin: Hash Ribbon

In this short article we will be discussing the Bitcoin Hash Ribbon. This metric is specifically good at identifying great buying opportunities after large drawdowns in the Bitcoin price. It tracks miner capitulation as mining becomes unprofitable overall. Hash Ribbon uses a 30 day and 60 day moving average for the Bitcoin hash rate. When … Read more

Bitcoin Issuance & The Puell Multiple

Bitcoin: Puell Multiple

We have observed a handful of metrics that have been reliable to identify tops and bottoms in Bitcoin Cycles. The Puell Multiple can be added to that list. Using The Puell Multiple, we can analyze the supply side, Bitcoin issuance. Everyday new Bitcoins are being released onto the network via mining. Those Bitcoins are first … Read more

Bitcoin: Coin Years Destroyed Explained

Bitcoin: Supply-Adjusted Coin Years Destroyed

In a previous article on Reserve Risk, we spoke about Bitcoin Days Destroyed (also known as Coin Days Destroyed). Bitcoin Days Destroyed (BDD) is the amount of days erased from a UTXO once that Bitcoin has been moved to another address. Coins that have been in the same address for a long period of time and … Read more

Breakdown: Market Value to Realized Value Ratio (MVRV)

Bitcoin: MVRV Z-Score

If you’re a frequent reader of this blog then you’re already familiar with Realized Cap. If you’re new then I suggest reading our article on Realized Cap. I will give a brief description in order to better explain MVRV. When calculating the value of a market like Bitcoin, most investors will use Market Cap which … Read more

The Best Metric For Finding Over Extended Bitcoin Markets

Realized HODL Ratio

Recently, we have written about short-term holders vs long-term holders. Also, we discussed Realized Cap. Both of these variables play into todays metric called Realized HODL Ratio. Through our research writing this blog we have found that price appreciation in Bitcoin bull markets coincides with short-term holders entering the market and taking majority share of … Read more

Bitcoin Balance on Exchanges: Binance vs Coinbase

Balance on Exchanges: Binance vs Coinbase

In previous articles we spoke about how short-term holders can take over a larger portion of on-chain activity compared to long-term holders later in cycles. Another metric that showcases this further is the Bitcoin balance held on Binance addresses compared to Coinbase addresses. Binance is known to be a crypto exchange mainly for retail investors … Read more

Find Crypto Market Tops With HODL Waves

Bitcoin: Realized Cap HODL Waves

In this article, I will focus on two charts. As this market cycle gets more volatile, finding a market top or close too is becoming extremely important. Every Bitcoin bull cycle consists of local tops and a global top. Local tops are short-term tops before a larger pullback, followed by another price uptrend. During previous … Read more

Bitcoin Miner Revenue Explained

Bitcoin: Total Miner Revenue

We have talked a lot about miners on the Bitcoin Network. After all, they’re one of the core contributors to Bitcoin’s success. The Bitcoin blockchain could not function without all the nodes and miners around the world. This is why the genius economics behind Bitcoin is so important. Efficient miners are constantly rewarded. During times … Read more