A composite indicator combining multiple pricing models to identify when Bitcoin has entered an unsustainably euphoric phase. Triggers when multiple independent models simultaneously signal overvaluation.
When the Euphoria Zone is triggered, historically it has been an effective signal to begin taking profits. Not a precise top indicator, but marks the high-risk zone of a cycle.
Network Value to Transaction Price — derived from the NVT ratio, this metric estimates a fair value for Bitcoin based on its on-chain transaction volume, similar to using P/E ratios to value stocks.
The ratio of Bitcoin's price to its 200-day moving average. Created by Trace Mayer. A simple but effective measure of whether Bitcoin is overextended or undervalued relative to its longer-term trend.
Net Unrealised Profit/Loss — measures the total profit or loss of all Bitcoin holders as a proportion of market cap. Calculated as (Market Cap - Realised Cap) / Market Cap.
The average acquisition cost of Short-Term Holders (coins moved within the last 155 days). Represents the cost basis of recent market participants and speculators.