Author: News Desk

Onchain Highlights DEFINITION: Entity-adjusted NUPL is an improved variant of Net Unrealized Profit/Loss (NUPL) that discards transactions between addresses of the same entity (“in-house” transactions). It only accounts for real economic activity and provides an improved market signal compared to its raw UTXO-based counterpart. Bitcoin’s Entity-Adjusted NUPL has been in a downtrend since mid-2024…

Onchain Highlights DEFINITION: The average estimated number of hashes per second produced by the miners in the network. Bitcoin’s mean hash rate has demonstrated consistent growth over the past year, with significant increases observed in 2024. Historically, the hash rate has often paralleled Bitcoin’s price movements…

Onchain Highlights DEFINITION: The number of unique accumulation addresses. Accumulation addresses are defined as addresses that have at least 2 incoming non-dust transfers and have never spent funds. Exchange addresses and addresses receiving from coinbase transactions (miner addresses) are discarded. To account for lost coins, addresses that were last active more than 7 years ago are

Onchain Highlights DEFINITION:The average funding rate (in %) set by exchanges for perpetual futures contracts. When the rate is positive, long positions periodically pay short positions. Conversely, when the rate is negative, short positions periodically pay long positions. Ethereum’s perpetual futures funding rate has recently dipped off its bullish premium…

Onchain Highlights DEFINITION: The Spent Output Profit Ratio (SOPR) is computed by dividing the realized value (in USD) divided by the value at creation (USD) of a spent output. Or simply: price sold / price paid.  Bitcoin’s Spent Output Profit Ratio (SOPR) has displayed marked fluctuations throughout 2024…