The definitive resource for Bitcoin analysis. From on-chain metrics and halving cycles to ETF flows and Lightning Network adoption.
6-month trend — Last updated March 2026
Market value vs realized value — above 1 means holders in profit
Net unrealized profit/loss — measures overall market sentiment
Spent output profit ratio — above 1 means coins sold at profit
Declining reserves suggest accumulation
| Halving | Date | Block Reward | Price at Halving | Peak After | ROI |
|---|---|---|---|---|---|
| 1st | Nov 2012 | 25 BTC | $12 | $1,000 | 8,233% |
| 2nd | Jul 2016 | 12.5 BTC | $650 | $19,783 | 2,943% |
| 3rd | May 2020 | 6.25 BTC | $8,572 | $69,000 | 705% |
| 4th | Apr 2024 | 3.125 BTC | $63,800 | $95,420* | 49%* |
| ETF Name | Issuer | AUM | Fee | Avg Volume |
|---|---|---|---|---|
| iShares Bitcoin Trust (IBIT) | BlackRock | $52.8B | 0.25% | $2.1B/day |
| Fidelity Wise Origin (FBTC) | Fidelity | $18.2B | 0.25% | $680M/day |
| ARK 21Shares (ARKB) | ARK/21Shares | $4.8B | 0.21% | $310M/day |
| Grayscale Bitcoin Trust (GBTC) | Grayscale | $22.4B | 1.50% | $420M/day |
Curated educational content from beginner to advanced.
Proof of Work, ASICs, difficulty adjustment, pools, energy and profitability.
Explore guide →The 4-year cycle, supply shock mechanics, historical price patterns.
Explore guide →Payment channels, routing, liquidity, BOLT specs and micropayments.
Explore guide →UTXO, exchange flows, whale tracking, MVRV, SOPR, NUPL.
Explore guide →Spot vs futures ETFs, fee comparison, tax implications.
Explore guide →Hardware wallets, seed phrases, multi-sig, inheritance.
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