# Metric Guides

- [Market Capitalization](/guides-and-tutorials/metric-guides/market-capitalization.md): The market capitalization of an asset represents the total network value of that asset.
- [Realized Capitalization](/guides-and-tutorials/metric-guides/realized-capitalization.md): Realized capitalization is a variation of market capitalization which values each UTXO based on the price when it was last moved.
- [MVRV](/guides-and-tutorials/metric-guides/mvrv.md)
- [LTH-MVRV](/guides-and-tutorials/metric-guides/mvrv/lth-mvrv.md): LTH-MVRV serves as an indicator of fair value, as assessed by the behaviour of long-term investors.
- [MVRV Ratio](/guides-and-tutorials/metric-guides/mvrv/mvrv-ratio.md): MVRV (market-value-to-realized-value) ratio is a ratio of an asset's market capitalization to its realized capitalization.
- [MVRV-Z Score](/guides-and-tutorials/metric-guides/mvrv/mvrv-z-score.md): The MVRV-Z Score compares market value and realized value to assess when an asset is overvalued or undervalued.
- [STH-MVRV](/guides-and-tutorials/metric-guides/mvrv/sth-mvrv.md): STH-MVRV serves as an indicator of fair value, as assessed by the behaviour of short-term investors.
- [SOPR](/guides-and-tutorials/metric-guides/sopr.md)
- [SOPR (Spent Output Profit Ratio)](/guides-and-tutorials/metric-guides/sopr/sopr-spent-output-profit-ratio.md): SOPR is an indicator which reflects the degree of realised profit and loss for all coins moved on-chain.
- [aSOPR (Adjusted SOPR)](/guides-and-tutorials/metric-guides/sopr/asopr-adjusted-sopr.md): Adjusted SOPR filters out all UTXOs with a lifespan of less than an hour from the SOPR metric to better reflect economically meaningful activity on-chain.
- [LTH-SOPR](/guides-and-tutorials/metric-guides/sopr/lth-sopr.md): LTH-SOPR is an indicator which reflects the degree of realised profit and loss for all coins moved on-chain that have a lifespan more than 155-days (long-term holders).
- [STH-SOPR](/guides-and-tutorials/metric-guides/sopr/sth-sopr.md): STH-SOPR is an indicator which reflects the degree of realised profit and loss for all coins moved on-chain that have a lifespan less than 155-days (short-term holders).
- [Unrealized Profit/Loss](/guides-and-tutorials/metric-guides/unrealized-profit-loss.md)
- [NUPL (Net Unrealized Profit/Loss)](/guides-and-tutorials/metric-guides/unrealized-profit-loss/nupl-net-unrealized-profit-loss.md): NUPL (Net Unrealized Profit/Loss) looks at the difference between Unrealized Profit and Unrealized Loss to determine whether the network as a whole is currently in a state of profit or loss.
- [Unrealized Profit](/guides-and-tutorials/metric-guides/unrealized-profit-loss/unrealized-profit.md): Unrealized Profit represents the total profit accrued by UTXOs which were created when the price of the asset was lower than the current price.
- [Unrealized Loss](/guides-and-tutorials/metric-guides/unrealized-profit-loss/unrealized-loss.md): Unrealized Loss represents the total loss accrued by UTXOs which were created when the price of the asset was higher than the current price.
- [LTH-NUPL](/guides-and-tutorials/metric-guides/unrealized-profit-loss/lth-nupl.md): LTH-NUPL serves as an indicator of profit and loss, as assessed by the behaviour of long-term investors.
- [STH-NUPL](/guides-and-tutorials/metric-guides/unrealized-profit-loss/sth-nupl.md): STH-NUPL serves as an indicator of profit and loss, as assessed by the behaviour of short-term investors.
- [Realized Profit/Loss](/guides-and-tutorials/metric-guides/realized-profit-loss.md)
- [Net Realized Profit/Loss](/guides-and-tutorials/metric-guides/realized-profit-loss/net-realized-profit-loss.md): Net Realized Profit/Loss metric presenting the net magnitude of profit, or loss realized by all holders spending coins. Realized Profit/Loss is assessed relative to the price when a coin last moved.
- [Realized Profit](/guides-and-tutorials/metric-guides/realized-profit-loss/realized-profit.md): Realized Profit shows the total USD profits realized of coins being spent on-chain.
- [Realized Loss](/guides-and-tutorials/metric-guides/realized-profit-loss/realized-loss.md): Realized Loss shows the total USD losses of coins being sold at a loss.
- [Coin Issuance](/guides-and-tutorials/metric-guides/coin-issuance.md)
- [Puell Multiple](/guides-and-tutorials/metric-guides/coin-issuance/puell-multiple.md): The Puell Multiple is a ratio of daily coin issuance (in USD) and the 365 moving average of daily coin issuance providing an oscillator derived from miner profitability and income stress.
- [Stablecoin](/guides-and-tutorials/metric-guides/stablecoin.md)
- [SSR (Stablecoin Supply Ratio)](/guides-and-tutorials/metric-guides/stablecoin/ssr-stablecoin-supply-ratio.md): The Stablecoin Supply Ratio (SSR) is the ratio between Bitcoin supply and the supply of stablecoins.
- [Coin Days Destroyed](/guides-and-tutorials/metric-guides/coin-days-destroyed.md)
- [CDD (Coin Days Destroyed)](/guides-and-tutorials/metric-guides/coin-days-destroyed/cdd-coin-days-destroyed.md): Coin Days Destroyed is a measure of economic activity which gives more weight to coins which haven't been spent for a long time.
- [Supply-Adjusted CDD](/guides-and-tutorials/metric-guides/coin-days-destroyed/supply-adjusted-cdd.md): Supply-Adjusted CDD accounts for the impact of time on the Coin Days Destroyed metric.
- [Binary CDD](/guides-and-tutorials/metric-guides/coin-days-destroyed/binary-cdd.md): Binary CDD describes whether Supply-Adjusted CDD on any given day was above or below the historical average.
- [CYD (Coin Years Destroyed)](/guides-and-tutorials/metric-guides/coin-days-destroyed/cyd-coin-years-destroyed.md): Coin Years Destroyed (CYD) takes the rolling sum of coin days destroyed (CDD) over the previous 365-day period as a macro indicator for annual economic activity.
- [Supply-Adjusted CYD](/guides-and-tutorials/metric-guides/coin-days-destroyed/supply-adjusted-cyd.md): Supply-Adjusted CYD accounts for the impact of time on the Coin Years Destroyed metric.
- [Reserve Risk](/guides-and-tutorials/metric-guides/coin-days-destroyed/reserve-risk.md): Reserve Risk is a cyclical indicator that tracks the risk-reward balance relative to the confidence and conviction of long-term holders.
- [Liveliness](/guides-and-tutorials/metric-guides/liveliness.md): Liveliness is a metric which provides insights into shifts in macro HODLing behaviour, helping to identify trends in long term holder accumulation or spending.
- [Dormancy](/guides-and-tutorials/metric-guides/dormancy.md)
- [Average Coin Dormancy](/guides-and-tutorials/metric-guides/dormancy/average-coin-dormancy.md): Average Coin Dormancy describes the average number of days that each spent coin had remained dormant before it was moved.
- [Supply-Adjusted Dormancy](/guides-and-tutorials/metric-guides/dormancy/supply-adjusted-dormancy.md): Supply-Adjusted Dormancy accounts for the impact that coin day accumulation by the total supply has on the Average Coin Dormancy metric
- [Lifespan](/guides-and-tutorials/metric-guides/lifespan.md)
- [Spent Output Age Bands (SOAB)](/guides-and-tutorials/metric-guides/lifespan/spent-output-age-bands-soab.md): Spent Output Age Bands (SOAB) is a metric that bundles spent coins into categories depending on their age and presents them in colour bands as a proportion of total coins moved.
- [Average Spent Output Lifespan (ASOL)](/guides-and-tutorials/metric-guides/lifespan/average-spent-output-lifespan-asol.md): ASOL (Average Spent Output Lifespan) is the average age (in days) of all spent transaction outputs.
- [Median Spent Output Lifespan (MSOL)](/guides-and-tutorials/metric-guides/lifespan/median-spent-output-lifespan-msol.md): MSOL (Median Spent Output Lifespan) is the median age (in days) of all spent transaction outputs.
- [NVT](/guides-and-tutorials/metric-guides/nvt.md)
- [NVT Ratio](/guides-and-tutorials/metric-guides/nvt/nvt-ratio.md): Network Value to Transaction (NVT) Ratio describes the relationship between market cap and transfer volumes.
- [NVT Signal](/guides-and-tutorials/metric-guides/nvt/nvt-signal.md): NVT Signal (NVTS) is a modified version of the NVT Ratio which uses a 90 day moving average of daily transfer volume as the denominator.
- [Velocity](/guides-and-tutorials/metric-guides/nvt/velocity.md): Velocity is a measure of how quickly units of currency are circulating in the network.
- [Stock to Flow](/guides-and-tutorials/metric-guides/stock-to-flow.md)
- [Stock to Flow Ratio](/guides-and-tutorials/metric-guides/stock-to-flow/stock-to-flow-ratio.md): The Stock to Flow Ratio is a model of scarcity which can be applied to predict the future price of an asset.
- [Stock to Flow Deflection](/guides-and-tutorials/metric-guides/stock-to-flow/stock-to-flow-deflection.md): Stock to Flow Deflection is used to determine whether an asset is overvalued or undervalued in terms of its Stock to Flow Ratio.
- [Price Distribution](/guides-and-tutorials/metric-guides/price-distribution.md)
- [URPD (UTXO Realized Price Distribution)](/guides-and-tutorials/metric-guides/price-distribution/urpd-utxo-realized-price-distribution.md): UTXO Realized Price Distribution (URPD) shows the realized price of all UTXOs on any given day.
- [SOPD (Spent Output Price Distribution)](/guides-and-tutorials/metric-guides/price-distribution/sopd-spent-output-price-distribution.md): Spent Output Price Distribution (SOPD) shows the volume of coins moved on-chain on any given day, and at which prices the movements occurred.
- [Accumulation Trend Score](/guides-and-tutorials/metric-guides/accumulation-trend-score.md): The Accumulation Trend Score is an indicator which reflects the relative size of entities that are actively accumulating/distributing coins on-chain in terms of their BTC holdings.
- [Long and Short-Term Holder Supply](/guides-and-tutorials/metric-guides/long-and-short-term-holder-supply.md)
- [Supply Held by Long and Short-Term Holders](/guides-and-tutorials/metric-guides/long-and-short-term-holder-supply/supply-held-by-long-and-short-term-holders.md): The total coin supply held by on-chain entities classified as Long-Term, or Short-Term holders.
- [Profit/Loss (Supply)](/guides-and-tutorials/metric-guides/profit-loss-supply.md)
- [Percent Supply in Profit](/guides-and-tutorials/metric-guides/profit-loss-supply/percent-supply-in-profit.md): Percent Supply in Profit highlights the percentage of the total supply which is currently in profit.
- [Supply in Profit](/guides-and-tutorials/metric-guides/profit-loss-supply/supply-in-profit.md): Supply in Profit represents the absolute amount of coins in a given network which are currently in profit.
- [Supply in Loss](/guides-and-tutorials/metric-guides/profit-loss-supply/supply-in-loss.md): Supply in Loss represents the absolute amount of coins in a given network which are currently in loss.
- [Age Distribution](/guides-and-tutorials/metric-guides/age-distribution.md)
- [HODL Waves](/guides-and-tutorials/metric-guides/age-distribution/hodl-waves.md): HODL Waves present a macro view of the age distribution of the coin supply and provides insight into changes to this age distribution arising from holding and spending behaviour.
- [Realized Cap HODL Waves](/guides-and-tutorials/metric-guides/age-distribution/realized-cap-hodl-waves.md): Realized Cap HODL Waves is a variant of HODL Waves that weighs active supply bands by their realized USD value (economic weight) as a proportion of the Realized Cap.
- [Profit/Loss (UTXO)](/guides-and-tutorials/metric-guides/profit-loss-utxo.md)
- [Percent UTXOs in Profit](/guides-and-tutorials/metric-guides/profit-loss-utxo/percent-utxos-in-profit.md): Percent UTXOs in Profit highlights the percentage of all UTXOs which are currently in profit.
- [UTXOs in Profit](/guides-and-tutorials/metric-guides/profit-loss-utxo/utxos-in-profit.md): UTXOs in Profit represents the absolute amount of UTXOs in a given network which are currently in profit.
- [UTXOs in Loss](/guides-and-tutorials/metric-guides/profit-loss-utxo/utxos-in-loss.md): UTXOs in Loss represents the absolute amount of UTXOs in a given network which are currently in loss.