Flows & demand6 min read
How to read Bitcoin ETF flows
Learn how daily ETF net flows work, why fund columns come first, and why a missing report is not the same as a zero flow.
10 guides · 34 glossary terms
Learn to read crypto market data
Practical guides with worked examples from recent data. Definitions first, interpretation second.
Flows & demand6 min read
Coinbase Premium explained
Coinbase Premium is a price gap between two venues. Learn how to read its sign, size and duration, and what it cannot tell you.
Derivatives6 min read
Open interest vs trading volume
Open interest counts contracts that stay open. Volume counts contracts that trade. Learn the difference, the unit traps and how to read OI with price.
Derivatives6 min read
Liquidation data vs liquidation heatmaps
Liquidation data records reported forced closures. A heatmap models levels where closures could happen. Learn to read each with the right assumptions.
Derivatives6 min read
How to read Hyperliquid wallet positions
Wallet positions on Hyperliquid are public, but they are not a full portfolio. Learn what an address shows, what it hides and how to avoid common mistakes.
On-chain7 min read
On-chain metrics in context: NUPL, MVRV, SOPR
Learn what NUPL, MVRV, SOPR, Mayer Multiple and Puell Multiple measure, and why thresholds from past cycles are not rules.
Derivatives7 min read
How to read crypto funding rates on perpetuals
Funding rates move money between longs and shorts on perpetual futures. Learn the interval, the annualised view and how venues differ.
Macro & context7 min read
Bitcoin monthly returns explained: how to read them
See how monthly returns are computed from the open and close of each calendar month, and why seasonality claims need careful limits.
Macro & context7 min read
Token unlocks explained: vesting, cliffs, supply
Learn how vesting, cliff and linear unlocks work, how to read unlock size against circulating supply, and why unlocked is not sold.
Flows & demand6 min read
Stablecoin supply explained: what it does and does not show
Learn what total stablecoin supply measures, how minting and burning change it, and why supply growth is not the same as buying.
Glossary
Short definitions of the terms used across NinjaTools.
Assets under management (AUM)BasisCirculating supplyCoinbase Premium IndexCost basisCreation and redemptionDrawdownExchange netflowFully diluted valuation (FDV)Funding rateGamma exposure (GEX)Hash rateLeverageLiquidationLiquidation heatmapLong positionLong-term holder (LTH)Max painMayer MultipleMint and burnMVRVNUPLOpen interestPerpetual futuresPi Cycle TopPuell MultiplePut/call ratioRealized priceShort positionShort-term holder (STH)SOPRSpot Bitcoin ETFStablecoinToken unlock
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How we handle data
Observed, calculated and estimated values are different kinds of information. Read the methodology before you compare them.
Data & methodology