While price shows you where BTC is trading, on-chain data shows where Bitcoin fundamentals stand. Four on-chain signals — MVRV ratio, NVT ratio, realized price vs spot, and active address percentile — combined into a single 0–100 On-Chain Health Score.
52/ 100On-Chain Neutral
0100
On-chain fundamentals are broadly healthy — reasonable valuations, normal network activity.
On-Chain Stress (0–30)
On-Chain Caution (30–50)
On-Chain Neutral (50–75)
On-Chain Bullish (75–100)
MVRV Ratio — 90 days
Opening chart
Pulse score history — trailing 1Y
Opening chart
365 daily scores · replayed deterministically from CoinMetrics history
MVRV Ratio
1.548
Fair Value
Sub-score: 51/100
NVT Ratio (90d)
—
Unavailable
Signal unavailable — composite uses the live signals
Spot vs Realized
1.55×
Appreciation
Derived from MVRV — shown for context, not counted separately
Active Addr (30d%ile)
53th pct
Moderate
Sub-score: 53/100
Realized Price (BTC)
$53,798
Average cost basis across all on-chain coins
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Free to use — please keep the attribution link. Updated every 6 hours from CoinMetrics Community API.
Get the full Liquid State on-chain analysis
Liquid State publishes systematic market intelligence — regime alerts, daily briefs, and on-chain analysis — when indicators like this one shift.
The On-Chain Fundamental Pulse is a composite Bitcoin health score, scored 0 to 100, that combines the MVRV ratio, the NVT ratio, and the 30-day active-address percentile into a single reading, with spot price versus realized price shown alongside for context. It describes where Bitcoin's on-chain fundamentals currently stand relative to their own recent history, not where price is trading.
How is the On-Chain Pulse score calculated?
Each of the available signals — MVRV, NVT, and active-address percentile — is converted to its own 0-to-100 sub-score using fixed thresholds (for example, an MVRV above 3.5 scores near 0 as historically euphoric, while below 1.0 scores near 100 as historically undervalued), and the composite is the equal-weighted average of whichever sub-scores are available that day. Spot-versus-realized price is shown alongside for context but is mathematically the same ratio as MVRV, so it is not counted a second time.
What do the four On-Chain Pulse zones mean?
A score of 0 to 30 is On-Chain Stress, where MVRV is compressed, network activity is low, or holders are broadly underwater. 30 to 50 is On-Chain Caution, a mixed or transitional reading. 50 to 75 is On-Chain Neutral, where fundamentals look broadly healthy. 75 to 100 is On-Chain Bullish, where MVRV sits in fair-value-to-undervalued territory and the network is active. The zones describe the current on-chain state only, not a forecast of what price does next.
Is the On-Chain Pulse score a trading signal?
No. It is a description of on-chain fundamentals derived from historical thresholds, not a prediction or a recommendation to buy or sell. Extreme readings in either direction have coincided with major cycle turns in Bitcoin's history, but the score can sit at an extreme for extended periods without a reversal following. Liquid State computes it from the free CoinMetrics Community API and republishes it for educational and market-monitoring purposes, not as financial advice.
Data: CoinMetrics Community API (CapMVRVCur, NVTAdj90, PriceRealizedUSD, AdrActCnt). Updated every 6 hours. Not financial advice.Updated: Thu, 08 Oct 2026 05:51:32 GMT
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