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Weekly Report - 21st April 2023

Market cycles Net Unrealized Profit/Loss (NUPL)

How much of Bitcoin’s circulating supply is at any given point in time in profit or loss — and to what extent? Net Unrealized Profit/Loss is the difference between Relative Unrealized Profit and Relative Unrealized Loss. The thresholds below are set at <0, 0.0, 0.25, 0.5, and 0.75


Relative activity of small and large entities

When small entities exceed large entities, it typically suggests an influx of small size transactions, and is often associated with the excitement of bull markets and greater speculation. Small Entities % : sma(median of trading volume,7) / sma(median of trading volume,365) Large Entities % : sma(avg of trading volume, 7) / sma (avg of trading volume, 365)



NEUTRAL Both mean(large entities) and median(small entities) of volume increased over last week Large entities began to fall after the price reached 30,000, and small entities increased at a lower rate. Miner Percent Miner revenue from fees (7d MA) The percentage of miner revenue derived from fees, i.e. Miner revenue from fees% = fees / fees + minted coins.





BEAR Miner revenue from fees % > 2.29% Market participants are paying fewer transaction fees, which indicates the network is less congested. But Miner's revenue (block rewards + fees) hit a 10-month high.

Miner Puell Multiple Puell Multiple is used to measure the current income of miners relative to the average income of the past year.

  • When the indicator is in the range (0, 0.5), it means that the current income of miners is less than half of the average value of the past year, miners facing high pressure, which is historically the bottom range

  • When the indicator is in the range (3.5, +00), it means that the current income of miners is 3.5 times higher than the average of the past year, which is historically the top range [Miner Puell Multiple]

Adjusted Puell Multiple A higher hashrate increases difficulty, lowering the share of existing miners from the overall fixed block reward.


NEUTRAL Puell Multiple --> 1.29 , away from the bottom for 3 months. Adjusted Puell Multiple --> 0.94, means that miners are still earning 0.06% less than their yearly average income. If can't reach a new ATH price, miners are still facing pressure. Adjusted Puell Multiple: +5% in the past 7d +8% in the past 30d


BTC Dashboard

The 30d change of BTC supply held in exchange wallets

ETH Dashboard

The 30d change of ETH supply held in exchange wallets


Stable Coins

USDT/BUSD/USDC/DAI Circulating Supply



Stablecoins Exchange Netflow



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