On-chain metrics to identify potential market peaks and end of bullish cycle in BTC.

Value Days Destroyed (VDD) Multiple Value is calculated by multiplying Coin Days Destroyed by the price of BTC.
High values occur when older coins are being sold, indicating that long-term holders want to take profits and this usually indicates that the bull run is coming to an end.

NUPL (Net Unrealized Profit Loss) is an indicator used to assess the aggregate profitability of all Bitcoin holders in the market.
It measures the difference between the net unrealized profit or loss of the coins in circulation and helps to identify the prevailing market sentiment (such as optimism, euphoria, anxiety, or capitulation).

NRPL (Net Realized Profit/Loss) measures the net realized profit or loss of all Bitcoin transactions occurring on the network.
- When NRPL is positive investors are making profits on the transactions they make. This may indicate that the market is in an optimistic phase.
- When NRPL is negative, it indicates that investors are selling at a loss. This could happen in periods of price correction or bear markets, where investors sell their assets in panic or to minimize their losses.

The MVRV Z-Score measures the deviation between Bitcoin's market capitalization (Market Value) and realized capitalization (Realized Value).
It is used to identify when the price of Bitcoin is significantly above or below its fair value, as defined by its realized capitalization.

The Pi Cycle Indicator is a technical indicator designed to identify market peaks in the Bitcoin price cycle.
It was created by Philip Swift and uses two moving averages of specific periods that have historically accurately pinpointed the tops of Bitcoin's market cycles.