Bitcoin Bites
One Bitcoin concept explained simply, every week. From The Weekly BOLT.
On-Chain Analytics
- Coin Days Destroyed — Reading the Age of the Coins That Move —
Something happened on-chain this week that the price didn't show. A single wallet that had been dormant since April 2022 moved 4,499.99 BTC — about $382 million — to new addresses.
- The Cost-Basis Map — Why $83,000 to $86,000 Is a Wall —
Bitcoin closed the week above $81,000 and is now pressing against what on-chain analysts describe as its most significant overhead resistance in months — a band between roughly $83,000 and $86,000.
- Liveliness — Is the Network Hoarding or Distributing? —
Over these past weeks we've assembled a complete on-chain toolkit — valuation metrics like MVRV and the Z-Score, behavioral metrics like SOPR and exchange flows, and holder-conviction metrics like HOD
- Reserve Risk — Measuring Conviction When Prices Are Low —
Over these past weeks we've built a complete on-chain toolkit — MVRV and the Z-Score for valuation, SOPR and exchange flows for selling behavior, NUPL for network profit and loss, HODL Waves for holde
- The MVRV Z-Score — How Cheap Is Bitcoin, Really? —
We opened this on-chain series weeks ago with MVRV — the ratio of Bitcoin's market value to its realized value.
- Realized Price — The Market's True Cost Basis —
Over the past several weeks we've built a full on-chain toolkit: MVRV and NUPL for valuation, SOPR and exchange flows for real-time selling behavior, HODL Waves for holder conviction, and the Puell Mu
- The Puell Multiple — Reading the Miners —
Over the past several weeks we've built out the on-chain toolkit from the holder's side: MVRV and realized price (what holders paid), SOPR (whether moved coins sell at a profit or loss), NUPL (the net
- Exchange Reserves & Netflows — Following the Coins —
Over the past several weeks we've built out the on-chain toolkit: MVRV and the realized-price family (what holders paid), SOPR (whether moved coins sell at a profit or loss), NUPL (the network's unrea
- HODL Waves — Watching the Strong Hands Accumulate —
The past few weeks we've worked through the valuation and profit/loss metrics — MVRV, SOPR, and NUPL.
- NUPL — Reading the Market's Emotional State On-Chain —
The past two weeks we covered MVRV (market value versus realized value) and SOPR (whether moved coins are sold at profit or loss).
- SOPR — Are Holders Selling at a Profit or a Loss? —
Last week we covered MVRV — the ratio of Bitcoin's market value to its realized value, which tells you whether the network as a whole is sitting on unrealized profit or loss.
- Realized Cap — The "Real" Price of Bitcoin —
For the past several weeks we've been working through the transaction-mechanics layer of Bitcoin: fees, RBF, CPFP, UTXOs, and the mempool.
How Bitcoin Works
- Entropy — The Randomness That Guards Your Keys —
Last week we examined how Bitcoin's rules resist change, using the failed BIP-110 fork as a live case study.
- BIP-110, and What a Failed Fork Teaches Us —
On Saturday evening, at block height 961,632, Bitcoin experienced its first chain split in years.
- What Is the Mempool? —
Last week we covered the UTXO model — how Bitcoin tracks balances as discrete unspent envelopes rather than as a single account number.
- What Is the UTXO Model? —
Last three weeks we covered Transaction Fees (Week 13), Replace-by-Fee (Week 14), and Child-Pays-for-Parent (Week 15).
- What Is Child-Pays-for-Parent (CPFP)? —
Last week we covered Replace-by-Fee (RBF), the mechanism that lets you bump a stuck transaction by rebroadcasting it with a higher fee.
- What Is Replace-by-Fee (RBF)? —
Last week we covered transaction fees, the economic mechanism that gets your Bitcoin transaction included in a block.