Momentum Metrics

Momentum metrics are on-chain oscillators and rate-of-change indicators that measure trend strength, exhaustion, and turning points. Unlike traditional technical indicators, these are derived from actual transaction data on the blockchain, providing a direct view of participant behavior.

#API Example

curl -H "x-api-key: YOUR_API_KEY" \
  "https://chartinspect.com/api/v1/onchain/{metric_id}?chain=bitcoin&days=365"

Replace {metric_id} with any metric ID listed below.

#SOPR (Spent Output Profit Ratio)

Metric ID: sopr

SOPR measures the profit ratio of coins at the moment they are spent. It is calculated by dividing the realized value (price at spending) by the value at creation (price at acquisition) for all spent outputs in a given period.

Interpretation: SOPR above 1.0 means coins are being moved at a profit on average. Below 1.0 means coins are being sold at a loss. During bull markets, SOPR tends to bounce off 1.0 from above, as holders refuse to sell at a loss. During bear markets, SOPR rejections at 1.0 from below indicate that holders are selling into any break-even opportunity.

#STH SOPR

Metric ID: sth-sopr

SOPR filtered to include only short-term holder outputs (coins held for less than 155 days). This isolates the profit-taking and loss-realization behavior of recent market participants.

Interpretation: STH SOPR is more volatile than aggregate SOPR and reacts faster to price changes. Sustained STH SOPR below 1.0 during downtrends confirms panic selling by recent buyers. Recoveries above 1.0 after a period below it signal that short-term capitulation has ended.

#LTH SOPR

Metric ID: lth-sopr

SOPR filtered to include only long-term holder outputs (coins held for 155+ days). This captures the spending behavior of the market's most experienced and patient participants.

Interpretation: LTH SOPR spikes above 1.0 indicate that long-term holders are realizing significant profits, often occurring near cycle tops. LTH SOPR dropping to or below 1.0 is rare and signals extreme capitulation from the strongest hands, historically marking generational bottoms.

#Composite Momentum

Metric ID: composite-momentum

A multi-factor momentum score that combines several on-chain oscillators into a single normalized value. It synthesizes signals from SOPR, MVRV, supply metrics, and holder behavior into a unified momentum reading.

Interpretation: High composite values indicate strong bullish momentum across multiple on-chain dimensions. Low values signal broad-based weakness. Divergences between composite momentum and price (e.g., price making new highs while momentum declines) are early warnings of trend exhaustion.

#Realized Profit Deviation

Metric ID: realized-profit-deviation

Realized profit normalized against its historical average and standard deviation. This transforms raw realized profit into a z-score that is comparable across different price regimes.

Interpretation: High deviation values indicate that profit-taking is occurring at rates significantly above the historical norm, suggesting distribution and potential exhaustion. Low or negative values indicate minimal profit realization, consistent with accumulation phases or bear market capitulation.

#RHODL Momentum

Metric ID: rhodl-momentum

The rate of change of the Realized HODL Ratio, which compares the realized value of young coins (1 week) to old coins (1-2 years). RHODL Momentum captures the speed and direction of shifts in capital between new and old supply.

Interpretation: Positive momentum indicates capital is flowing into younger age bands faster than older ones, a sign of increasing speculation. Negative momentum suggests older coins are accumulating value relative to younger ones, indicating a cooling market.

#MVRV Momentum

Metric ID: mvrv-momentum

The rate of change in the MVRV ratio over a defined lookback period. This captures whether MVRV is accelerating or decelerating, adding a trend dimension to the valuation signal.

Interpretation: Rising MVRV momentum confirms that market value is pulling further above realized value at an increasing rate, typical of bull market acceleration. Declining MVRV momentum, even while MVRV itself remains elevated, warns that the rate of overvaluation is slowing and a reversal may be approaching.

#NUPL Momentum

Metric ID: sth-nupl-momentum / lth-nupl-momentum

The rate of change in Net Unrealized Profit/Loss, segmented by short-term and long-term holder cohorts. This measures whether unrealized gains are expanding or contracting for each group.

Interpretation: Accelerating STH NUPL momentum during rallies confirms that new buyers are quickly moving into profit, fueling further demand. Decelerating LTH NUPL momentum near cycle highs warns that unrealized gains for long-term holders are plateauing, often preceding distribution.

#Accumulation Index

Metric ID: accumulation-index

A composite metric that combines multiple on-chain signals to quantify whether the market is in an accumulation or distribution phase. It integrates holder behavior, supply dynamics, and value metrics.

Interpretation: High index values indicate strong accumulation conditions, with supply moving into long-term storage and cost bases compressing. Low values signal distribution, with supply being released and profit-taking accelerating. The index is most useful for confirming the macro phase of the market cycle.

#Seller Exhaustion Constant

Metric ID: seller-exhaustion-constant

This metric detects when selling pressure has been fully absorbed by the market. It combines price volatility with the percentage of supply in loss to identify capitulation endpoints.

Interpretation: High values indicate that sellers are exhausted, as remaining holders are unwilling to sell at current prices despite being at a loss. These readings historically coincide with final capitulation events and mark the transition from bear to bull market. Low values during uptrends suggest that willing sellers remain and the trend may face resistance.

#SOPR Volatility Ratio

Metric ID: sopr-volatility-ratio

A normalized measure of SOPR volatility that compares recent SOPR fluctuations to historical norms. It captures how erratically profit/loss realization is occurring.

Interpretation: High SOPR volatility indicates uncertain market conditions, with participants alternating rapidly between profit-taking and loss realization. Low volatility suggests a stable market regime where spending patterns are consistent. Spikes in SOPR volatility often accompany major market turning points.

#Bitcoin Cycle Index

Metric ID: bitcoin-cycle-index

An adaptive multi-metric index that synthesizes several on-chain indicators to estimate the current position within the Bitcoin market cycle. It adjusts weightings based on prevailing market conditions.

Interpretation: Values near 0 indicate early-cycle conditions (accumulation, undervaluation). Values approaching 1 indicate late-cycle conditions (distribution, overvaluation). The adaptive nature of the index allows it to account for structural changes between cycles, such as shifting holder demographics and changing issuance schedules.