The MVRV (Market Value-Realized Value) Z-Score measures the value of the bitcoin network by comparing the market cap to the realized value and dividing by the standard deviation of the market cap (market cap – realized cap) / std(market cap)).
When the market value is significantly higher than the realized value, the bitcoin network is "overvalued". Very high values have signaled cycle tops in the past and low values have signaled bottoms.
The Puell multiple is the ratio between the daily coin issuance in USD and its 365-day moving average. This multiple helps to measure miner profitability.
The PUELL indicator smooths the Puell multiple using a 14-day simple moving average. When the PUELL goes to high values relative to historical values, it indicates the profitability of the miners is high and a top may be near.
When the PUELL is low relative to historical values, it indicates the profitability of the minors is low and a bottom may be near.
The MVRV (Market Value-Realized Value) Z-Score measures the value of the bitcoin network by comparing the market cap to the realized value and dividing by the standard deviation of the market cap (market cap – realized cap) / std(market cap)).
When the market value is significantly higher than the realized value, the bitcoin network is "overvalued". Very high values have signaled cycle tops in the past and low values have signaled bottoms.
The Puell multiple is the ratio between the daily coin issuance in USD and its 365-day moving average. This multiple helps to measure miner profitability.
The PUELL indicator smooths the Puell multiple using a 14-day simple moving average. When the PUELL goes to high values relative to historical values, it indicates the profitability of the miners is high and a top may be near.
When the PUELL is low relative to historical values, it indicates the profitability of the minors is low and a bottom may be near.
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