On-chain indicators: MVRV, exchange reserves and hashrate
Bitcoin and Ethereum valuation and network data straight from the blockchain — updated daily.
Bitcoin on-chain data
Data as of Oct 4, 2026 (daily close).
Ethereum on-chain data
Data as of Oct 4, 2026 (daily close).
On-chain chart
Grey line: price (log scale). Exchange flows and reserves are in coins.
BTC exchange flows (last 7 days)
| Date | Inflow | Outflow | Netflow |
|---|---|---|---|
| Oct 4, 2026 | 13,724 | 15,887 | -2,163 |
| Oct 3, 2026 | 11,665 | 16,606 | -4,941 |
| Oct 2, 2026 | 29,853 | 33,161 | -3,308 |
| Oct 1, 2026 | 25,841 | 30,196 | -4,356 |
| Sep 30, 2026 | 20,094 | 24,558 | -4,464 |
| Sep 29, 2026 | 28,302 | 26,433 | +1,869 |
| Sep 28, 2026 | 28,047 | 30,288 | -2,241 |
ETH exchange flows (last 7 days)
| Date | Inflow | Outflow | Netflow |
|---|---|---|---|
| Oct 4, 2026 | 81,694 | 90,256 | -8,562 |
| Oct 3, 2026 | 63,126 | 81,819 | -18,693 |
| Oct 2, 2026 | 204,143 | 163,182 | +40,961 |
| Oct 1, 2026 | 214,937 | 228,714 | -13,776 |
| Sep 30, 2026 | 183,964 | 156,303 | +27,661 |
| Sep 29, 2026 | 299,373 | 269,808 | +29,565 |
| Sep 28, 2026 | 261,590 | 262,740 | -1,149 |
How to read MVRV, Z-score and NUPL
| Undervalued | Neutral | Heated | Overvalued | |
|---|---|---|---|---|
| MVRV ratio | < 1 | 1 – 2.4 | 2.4 – 3.7 | > 3.7 |
| MVRV Z-score | < 0 | 0 – 3 | 3 – 7 | > 7 |
| NUPL | Capitulation < 0 · Hope / fear 0–0.25 · Optimism 0.25–0.5 · Belief 0.5–0.75 · Euphoria > 0.75 | |||
Zones are based on Bitcoin's past market cycles; they are not a guarantee of future tops or bottoms.
Data: Coin Metrics Community (daily), derived values (realized price, Z-score, NUPL) calculated by us. Exchange balances cover the exchanges Coin Metrics tracks.
What are on-chain indicators?
On-chain indicators are calculated from data recorded on the blockchain itself: every coin's last movement, balances held by exchanges, network hashrate and the number of active addresses. Unlike price charts they show what investors actually do with their coins.
MVRV, realized price and exchange reserves
The MVRV ratio divides market value by realized value — the price at which every coin last moved. Above 3.7 Bitcoin has historically been overheated, below 1 the average holder is at a loss. Falling exchange reserves mean coins are withdrawn to private wallets (less selling pressure), while large inflows to exchanges often come before selling.