Bitcoin On-Chain Sentiment (Live)
Bitcoin's 30-day price change against its 30-day change in active addresses, with bands that mark when the market is running hot or cold.
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The bold line is the 30-day change in price. Inside the grey band is the normal range. The line turns red when it runs above the band (overheated) and green when it drops below (oversold). The faint grey line is the 30-day change in active addresses.
Drag across the chart to zoom into any span. Reset zoom to go back.
Active addresses come from Coin Metrics community data, which lags a few weeks. The bands are rolling percentiles of the price move, so they adapt to each regime instead of using one fixed level.
Price tells you what the market is paying. Active addresses tell you how many people are actually using the network. Watching the two together is a simple sentiment check: when price is running far faster than real usage, the move is being driven by speculation more than adoption.
This chart plots the 30-day change in price against the 30-day change in active addresses. The red and green dashed lines are rolling bands, the levels the price move has rarely exceeded over the past year. When the blue line pushes into the red band the market is stretched and overbought. When it sinks to the green band, the selling has usually been overdone.
Like any momentum tool it works better as context than as a trigger. A hot reading can stay hot in a strong bull market, and an oversold reading can get more oversold in a crash. Use it to gauge how stretched the current move is, alongside the valuation and cycle signals on this site.
The charts are public. The read is the edge.
These indicators are free for everyone. Inside the community you get the daily desk note that ties them together, alerts when price enters a cycle window, and the Satoshi Clock running on your own charts.
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