How does each measure read? Open any to explore.
Measure1Coins in ProfitCHEAPThe share of all coins worth more than they cost49.8%4th pct of 4 yrsSee more 2Long-Term TrendCHEAPPrice against its long-term growth path-53% vs trend5th pct of 4 yrsSee more 3Seller ProfitabilityCHEAPWhether coins are selling at a profit or a loss0.9878th pct of 4 yrsSee more 4Value vs. InvestedCHEAPPrice against what investors actually put in0.8918th pct of 4 yrsSee more 5Price vs. CostCHEAPToday's price next to what holders paid1.18×18th pct of 4 yrsSee more 6Cheap or StretchedCHEAPPrice against its own 200-day average0.82×18th pct of historySee more 7Mining SpendCHEAPPrice next to everything ever spent on mining13.937th pct of 4 yrsSee more 8Avg Buy PriceEXPENSIVEThe average price every coin last moved at$53,398price 18% aboveSee more 9Network ValueEXPENSIVEWhat it's worth next to how much it gets used2866th pct of 4 yrsSee moreSo, is Bitcoin cheap or expensive right now?
Price vs. what holders paid sits low in its 4-year range, and most measures lean cheap.
It's six measures of price against its own history, rolled into a single read — the table above breaks down which lean cheap and which lean pricey.
What changed recently?
Arrow shows which way it moved; color shows cheaper (orange) or pricier (blue).
- Price fell vs. mining spendThis month, price moved about 19% down against everything ever spent on mining.
- Fewer coins in profitThe share of coins in profit fell to about 50%, from about 61% a month ago.
- Price fell vs. what holders paidPrice compared with what holders paid moved about 17% lower this month.
- Price lost ground on its 200-day averagePrice went from 0.95× to 0.82× its 200-day average over the past month.
- Price slipped further under its long-term trendThe gap to the long-term trend went from -41% to -53% this month.
How does today compare to its history?
Updated 16 hours ago0–100 against Bitcoin's own history. Below the dashed line, Bitcoin is cheaper than what's been normal for it; above the line, pricier.
How we score the cheap / expensive indexSix measures of one question, each scored against its own history, blended into a 0–100 reading.
The Cheap / Expensive Index blends six ways of asking the same question — is Bitcoin's price high or low right now compared with what's been normal for it? It looks at price next to what holders paid, price against its 200-day average and its long-term growth path, the network's value next to how much it gets used and what's been spent on mining, and how many coins are sitting in profit. Each one is scored 0 to 100 against its own history, then blended into one reading. Low means cheaper than what's been normal; high means pricier. It describes today — it doesn't predict tomorrow, and it isn't advice.
The table above also shows three wider reads — the average buy price, value vs. what investors put in, and seller profitability — that aren't part of the six-measure score, because they overlap with measures already counted.