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> ON_CHAIN_VALUATION
When market price is above realized price, the average holder is in profit. Crossovers often mark cycle transitions.
MVRV = Market Cap / Realized Cap. Above 1.0 means the average holder is in profit. Extreme values (above 3 or below 0.5) historically signal over/undervaluation.
Spent Output Profit Ratio. Above 1.0 means coins are moving at a profit on average; below 1.0 means at a loss. Sustained SOPR below 1 signals capitulation.
Net Unrealized Profit/Loss. Positive means the network is in aggregate profit. Extreme positive values signal euphoria; negative values signal capitulation.
Distribution of unspent transparent ZEC by age of the UTXO. Growing older bands indicate long-term holding; growing younger bands indicate fresh activity. Transparent pool only — shielded note ages are not publicly visible.
Coin Days Destroyed measures the total age of coins moved on a given day (value × days held). Spikes indicate old coins moving — often a sign of long-term holders selling. Transparent pool only.
Realized Price & Realized Cap
Each transparent UTXO is valued at the ZEC price on the day it was created (i.e., last moved on-chain). This is the standard methodology used by CoinMetrics, Glassnode, and all major on-chain analytics platforms — a transparent move resets the cost basis because it represents a new economic event. The sum of all UTXOs valued this way gives the transparent realized cap.
Shielded pools (Sapling, Orchard, Ironwood) use actual pool entry dates: each shield/deshield event is priced at the day it occurred, accumulated into a per-pool running cost basis. This is more granular than the CoinMetrics approach, which scales a single average price to all shielded supply.
Note: Other Zcash explorers may use alternative approaches (e.g., tracing transparent UTXOs back to their original mining or deshielding event and not repricing on subsequent transparent moves). This produces a lower realized cap figure. Neither method is incorrect — they reflect different definitions of "cost basis." CipherScan follows the industry-standard UTXO creation date method for cross-chain comparability.
MVRV (Market Value to Realized Value)
Market cap divided by realized cap. Values above 1.0 imply the average coin holder is in profit; below 1.0 implies aggregate loss. Historically, extreme MVRV values have coincided with cycle tops and bottoms.
SOPR (Spent Output Profit Ratio)
For each transparent UTXO spent on a given day, SOPR = current price / price at creation. Averaged over all spent outputs. Above 1.0 means coins are moving in profit; below 1.0 means at a loss.
NUPL (Net Unrealized Profit/Loss)
(Market Cap − Realized Cap) / Market Cap. Ranges from -1 to 1. Positive values mean the network holds unrealized profit; negative means unrealized loss.
HODL Waves
Transparent UTXOs are bucketed by age (<1m, 1–3m, 3–6m, 6–12m, 1–2y, 2y+) based on the time since the output was created. Each bucket shows the total ZEC held in UTXOs of that age, stacked to show the full transparent supply.
Coin Days Destroyed (CDD)
For each transparent UTXO spent on a given day, CDD = (ZEC value) × (days since creation). High CDD indicates old coins moving, which historically correlates with distribution phases by long-term holders.
HODL waves and dormancy cover the transparent pool only. Shielded note ages are not publicly visible. Shielded pool realized cap uses actual pool entry dates (not scaled from transparent average). Transparent UTXO data is fully backfilled from genesis. Data updates daily.
Transparent realized cap methodology: UTXO creation date pricing (CoinMetrics standard). ~27.5M unspent UTXOs holding ~12.4M ZEC are priced individually.