signalbasics

Learn to read Bitcoin on-chain data, one indicator at a time

This site explains, step by step, every Bitcoin on-chain indicator: what it measures, why it matters, and exactly how it's calculated from real data — not a shallow copy, but the same logic that runs in production, explained for anyone who wants to actually understand it.

The charts on this site show real Bitcoin data — not screenshots, not made-up examples.

Explore by category

Valuation

9 indicators

Price (USD), MVRV Ratio, MVRV Z-Score, NUPL (Net Unrealized Profit/Loss), Realized price, STH-NUPL (short-term holders),…

Cycle

1 indicator

Puell Multiple…

Spending behaviour

10 indicators

SOPR (Spent Output Profit Ratio), STH-SOPR (short-term holders), LTH-SOPR (long-term holders), Coin Dormancy (CDD, BTC-d…

Network usage

5 indicators

NVT Ratio (raw), NVT Signal (90d smoothed), Active addresses, Taproot adoption (% of outputs), Live UTXOs (count)…

Mining

4 indicators

Miner fee revenue (USD/day), Hashrate (EH/s), Hash Ribbons (30d/60d hashrate), Difficulty Ribbon compression…

Volatility

1 indicator

Realized volatility (30d, annualized %)…

Derivatives

4 indicators

Basis carry, annualised (%), DVOL — Deribit implied volatility index, Put/Call open-interest ratio, Taker buy/sell ratio…

Flows

8 indicators

Exchange netflow (BTC/day), Exchange netflow (z-score), Total stablecoin supply (USD), SSR — Stablecoin Supply Ratio, Tr…

Technical analysis

8 indicators

RSI (14), MACD line, MACD histogram, Bollinger %B, Stochastic %K (14), Williams %R (14), CCI (20), EMA trend strength (5…

This project is upfront about what each indicator can and can't predict: every page marks whether its signal has historically led, coincided with, or lagged behind price — never sold as a promise it can't keep. Nothing here is financial advice or an investment recommendation, under any circumstances.

The three sections

Indicators

Every Bitcoin on-chain indicator, with its step-by-step derivation, a widget to play with the formula, and the real chart.

Models

The models that try to predict direction and volatility, how they're validated without cheating, and their real predictions stored day by day.

Research

What was actually tested, what survived, what came back null — and the six ways the measuring instrument itself was broken.