Bitcoin on-chain metric correlations

About the correlation matrix

This view measures how closely Bitcoin's on-chain metrics move together, and how each relates to price. The matrix shows the Pearson correlation between every pair of selected metrics over the chosen window: values near +1 mean two series rise and fall together, values near −1 mean they move in opposite directions, and values near zero mean there is no linear relationship.

Click any cell to see the rolling correlation between that pair over time. Relationships between on-chain metrics are not fixed; a pair can be tightly linked in one cycle and unrelated in the next, so the rolling view is often more informative than a single number. Where two series do not overlap for long enough, the view says so instead of guessing.

Correlation is useful for spotting redundancy: many valuation metrics (MVRV, NUPL, the MVRV Z-Score) are built from the same market-value-to-realized-value comparison and naturally correlate strongly. It says nothing about cause, and a high correlation with price is not a trading edge. Only Pearson correlation is offered, because it is the method the published dataset fully supports.

Metrics used here: MVRV · NUPL · MVRV Z-Score · SOPR · Reserve Risk · all metrics