On-chain Valuation Suite

What is the On-chain Valuation Suite?

The on-chain valuation suite is the family of metrics that values a crypto asset from its own blockchain data rather than from price action alone. Because every on-chain transaction is public, analysts can reconstruct an aggregate cost basis and watch how supply behaves. Realized cap values each coin at the price when it last moved on-chain, producing the cost-basis denominator behind MVRV; the same last-moved pricing supplies the cost basis in the spent-output math behind SOPR. HODL waves bucket circulating supply by how long each coin has sat unmoved. Dormancy divides coin days destroyed by transfer volume, showing the average age of the coins being spent.

A second branch tracks miners, the network's structural sellers. The Puell Multiple divides the daily dollar value of newly issued coins by its one-year moving average to flag revenue extremes, and hash ribbons compare short and long moving averages of network hash rate (commonly 30- and 60-day) to date miner capitulation and recovery. These are slow, cycle-scale tools: they describe where supply and its holders sit, and they say little about the next week.

How traders use it

• As cycle context: realized-cap ratios and long-term holder behavior are read alongside crypto cycle models to judge whether a market sits closer to accumulation or euphoria, with the caveat that only a handful of past cycles exist to calibrate against.
• As a supply-behavior read: expanding old-coin HODL bands with low dormancy suggest holders are sitting tight, while rising dormancy into a rally shows aged coins being spent into strength.
• As a miner-stress signal: a Puell Multiple collapse or a hash-ribbon capitulation cross flags miner stress and potential forced selling, and the later recovery cross is the event many frameworks actually wait for.