What is this indicator?
Values each coin at the price of its last on-chain movement instead of the current market price, giving a more realistic picture of capital in the market. This metric is less volatile than regular market cap.
How to read the chart
Sharp changes or a move outside this metric's normal range often coincide with important price turning points, and it's used as a secondary confirmation alongside technical analysis.
Practical tip
On-chain data is best used to complement technical analysis, not replace it; interpreting a single metric in isolation can be misleading.