These on-chain metrics allow for the analysis of short-term investor behavior and thus detect trends in the price of bitcoin. They are especially useful for anticipating trend changes and validating market movements based on activity within the blockchain.

STH Realized Price
This is the average price of bitcoin that has been moved/spent/bought in the last 155 days.
If the current market price is higher than the realized price, short-term investors are in profit.
If the price is below the realized price, they are in loss, which could generate selling pressure in the short term.
Historically when the STH value has been well below the BTC line they have been good buying times.

SOPR (Spent Output Profit Ratio)
This is the ratio between the current selling price and the buying price of the bitcoin spent.
A SOPR value above 1 indicates that holders are selling at a profit.
A value below 1 indicates that they are selling at a loss.
A SOPR below 1 in downtrends can signal a possible bottom, while values above 1 in uptrends can suggest overbought.

NRPL (Net Realized Profit/Loss)
It is 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 the NRPL is very high, it indicates that there are many sales taking place with high profits, and it is not usually a good time to buy.
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.
When the NRPL is very low, it indicates that there are many purchases taking place with high losses, and it is usually a good time to buy.

NUPL (Net Unrealized Profit Loss)
It 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).

MVRV
Represents the current market value of bitcoin divided by its purchase value.
It reflects the potential profitability of investors today.

VDD (Value Days Destroyed)
These are the days of coins destroyed, a velocity of spending indicator where extra weighting is given to coins that have not moved on-chain for longer periods of time by the price of BTC.
How many days on average have passed since the bitcoins being spent were idle in an address.
If there is a significant increase in VDD, it means that long-term holders are selling their bitcoin, which could indicate a correction. If VDD is low, it suggests that long-term holders are holding their coins.

Funding Rate
The rates paid between traders in perpetual futures markets.
A positive funding rate means that traders who are long are paying those who are short, indicating optimism in the market.
If it is negative, it suggests the opposite.

Miner sell pressure
Indicates the amount of Bitcoin that miners are selling on the market.
Since miners generate revenue in Bitcoin by securing the network, they eventually need to sell some of their Bitcoin to cover operational costs, such as electricity and equipment.
An increase or decrease in this selling pressure can influence the price of Bitcoin, especially in the short term.
When it is high, it indicates more sales than usual in relation to the reservations they have.
When it is low, it indicates fewer sales than usual in relation to their reservations.

Puell Multiple
It is calculated by dividing the daily issuance value of bitcoins (in USD) by the 365-day moving average of the daily issuance value.