On-chain cohort metrics

Web app API

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What's new

Twenty-five new charts extend the on-chain set, and every series behind them is also available through the Newhedge API.

Long-term and short-term holders:

Address balance cohorts, for addresses holding 1 BTC and above:

Coin age and cointime:

Network and supply:

Finer resolutions. On release, the series of the new charts are backfilled at 10 minute, 30 minute, 1 hour, 4 hour and 12 hour resolution. STH Unrealized Profit and Loss offers 1 hour, 4 hour and 12 hour, because its unrealized loss series has no 10 minute or 30 minute history. Pick them on the chart's resolution selector, or request them with the resolution parameter in the API.

Each new chart starts at 2010-07-17, the start of the Bitcoin price history.

BTC Trading Volume gains hourly points in the API, a sample of its trailing 24 hour volume. Request them with the resolution parameter. Hourly history begins with the first hourly point Newhedge wrote, so earlier history remains daily only. For the volume traded inside each hour, request the 1 hour candles from the Candles API.

Methodology

Version 2026-10-20.

  • Holder cohorts. Long-term holders (LTH) hold outputs at least 150 days old. Short-term holders (STH) hold outputs younger than 150 days. Cohorts are UTXO-based and not entity-adjusted.
  • Cohort NUPL. Each cohort's NUPL equals 1 - 1/MVRV, where MVRV is the cohort's own market value divided by its realized value. It is served multiplied by 100, the same 0 to 100 scale as the all-holders NUPL.
  • Supply and unrealized profit and loss. Supply in profit counts unspent bitcoin whose creation price is at or below the current price, and exact break-even counts as profit. Unrealized loss is a positive magnitude.
  • Adjusted SOPR. Outputs younger than one hour are left out of the ratio. Realized profit and loss ratios and the sell side risk ratio use a trailing 24 hour window. The sell side risk ratio is a percentage for all holders and for each holder cohort, and the all-holders series is now labelled as one in the API.
  • Cost basis. The cohort percentiles are weighted by the cohort's unspent bitcoin. The long-term holder bands show the 25th, 50th and 95th percentiles and the short-term holder bands show the 5th, 50th and 95th. The provider does not state how it interpolates between levels, and coins created before 2010-08-16 are priced at $0, so a low percentile of a cohort that holds them can be 0. The long-term 5th and 10th percentiles are 0 on every day and the 15th and 20th stay close to 0, which is why the long-term bands start at the 25th.
  • Address balance cohorts. Addresses are grouped by their balance, not by the entity behind them. Realized price by wallet size is the cohort's realized cap divided by its supply, an estimate of the average creation price of the coins it holds.
  • Cointime. Liveliness is cumulative coinblocks destroyed divided by cumulative coinblocks created. Vaultedness is 1 minus liveliness. The active price, the vaulted price and the true market mean are model-derived reference levels, not traded prices.
  • Finer resolutions. Series that use a trailing window keep that window at every finer resolution. Adjusted SOPR, the realized profit and loss ratios, the sell side risk ratio, coin days destroyed, dormancy and transfer volume keep their trailing 24 hour window. Wallet size supply change keeps its 30 day change. The inflation rate keeps its 365 day window.
  • Hourly trading volume. Each point is the trailing 24 hour volume reported during that hour and stamped at the start of the hour. It is a sample, not the volume traded inside the hour.