On-Chain Metrics
Evaluate Bitcoin valuation relative to network security using the Bitcoin Yardstick. This metric compares market capitalization to hash rate as a multi-year rolling Z-score, functioning like a P/E ratio for Bitcoin. Low readings indicate undervaluation relative to mining energy expenditure, while high readings suggest overheated markets.
Check the selected asset, units, and cohort before comparing readings. Compare the metric over consistent dates and use related measures to understand what contributes to a change.
Addresses and on-chain cohorts do not identify individual people. Network designs and available histories differ, so a threshold observed on one asset may not transfer to another.
Evaluate Bitcoin valuation relative to network security using the Bitcoin Yardstick. This metric compares market capitalization to hash rate as a multi-year rolling Z-score, functioning like a P/E ratio for Bitcoin. Low readings indicate undervaluation relative to mining energy expenditure, while high readings suggest overheated markets.
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