Cycle Analysis

Daily on-chain valuation for long-term holders · BTC & ETH

Cycle state

Spot vs network aggregate cost basis

Valuation vs realized basis · Z from our stored history

Net unrealized profit / loss

Aggregate market − realized cap (network-level)

% of supply held off exchanges

Market cap ÷ reported spot volume

Usage context — addresses, transfers, fees

Hash rate · issuance · Puell-style multiple

30d realized vol · rolling ROI

Spent output profit ratio