What it shows
NinjaDepth is a Premium page that places Bitcoin in its market cycle. The main card shows four on-chain cycle indicators: MVRV ratio, Puell multiple, SOPR with a smoothed average and NUPL. Each indicator carries a zone label on a scale from bottom to danger. A second block reads institutional and liquidity flow through spot ETF net flow, the Coinbase premium and the change in stablecoin supply. A written NinjaReading card puts the readings into text. A history chart marks days flagged by the NinjaDepth cycle model on the BTC price. Alert controls follow zone changes, and an AI guide explains each metric.
How to read it
Start with the four cycle indicators and their zone labels. Check whether they sit in the same zone or in different ones. Then read the flow block. ETF flow, Coinbase premium and stablecoin supply describe demand and liquidity, not cycle position. Open the history chart and select zones to see which days the model marked. Large points mark strong readings and small points mark weak ones. Read the NinjaReading text last, because it summarises the numbers above it. Set a zone alert if you want to follow a change.
- Compare the four cycle indicators and note their zone labels.
- Read the flow block to separate cycle position from short-term demand.
- Open the history chart and select the zones you want to review.
What to keep in mind
Each indicator uses past data and has its own blind spots. MVRV, Puell, SOPR and NUPL can stay in one zone for a long time. A zone label describes the current reading and not a future move. Flow readings are short-window sums and can change fast. Marks on the history chart are descriptive and do not show that a later cycle will behave the same way. NinjaReading is AI-written text and can contain errors, so check the figures.
A missing value is not zero. Check the source and time under each data block before you compare numbers.
Questions
What do MVRV, Puell, SOPR and NUPL measure?
MVRV compares market value with realized value. Puell compares daily miner revenue with its long-run average. SOPR compares the price at which coins are spent with the price at which they were last moved. NUPL measures unrealized profit or loss as a share of market value.
Does NinjaDepth predict cycle tops and bottoms?
No. The page describes where on-chain indicators sit today and which days its cycle model marked in the past. It does not time entries or exits. Use it as context together with your own research.
Is NinjaDepth included in Premium?
Yes. NinjaDepth is a Premium page. The indicator card, the flow block and the history chart need an account with Premium access, so sign in first. The NinjaReading text also needs a signed-in account. The app lists the current plans.