ONCHAIN On-Chain · Updated March 2026 · ~5 min · For TradingView desktop 3.2.1
Bitcoin On-Chain Indicators: An Intro to MVRV and SOPR
Price tells you "what it costs now"; on-chain indicators tell you "the cost basis and profit/loss state of those coins." Two common intro indicators are MVRV and SOPR.
MVRV: market cap / realized cap
MVRV = market cap ÷ realized cap (the sum of every coin valued at the price of its last on-chain move). It measures the aggregate paper profit multiple of holders:
- MVRV very high (historically >3.5–4): most holders sit on huge unrealized gains, distribution risk is high — usually cycle-top territory;
- MVRV <1: the aggregate is underwater — usually cycle-bottom territory.
SOPR: are spent coins in profit or loss
SOPR measures whether coins moved that day are in profit or loss versus their cost. SOPR >1 means the aggregate is realizing profit; in a bull market SOPR finds support near 1 (holders won't sell at a loss), in a bear it meets resistance near 1.
How to load
Search MVRV / SOPR in indicators, pick a version from a reliable data source, add to a separate pane. On-chain indicators are a cycle-positioning tool, not a timing signal — they tell you "near the base or near the top," not "this week's move."