Bitcoin: Metcalfe Price Valuation Bands

Metcalfe Price Valuation Bands model Bitcoin's fair value from network activity, following Metcalfe's Law — value scales with the square of active addresses. Each band applies a different coefficient, producing a family of upper and lower valuation lines.

Price above the upper bands means the market is paying more than network usage justifies; price resting on the lower bands has marked fundamental support. The area between them has served as a fair-value range.

Because the bands are built from active addresses, they move with the network itself. A sustained drop in on-chain activity pulls the whole family down, lowering the level at which price is considered supported.

API — /v2/community/bitcoin-metcalfe-price returns all seven bands as 365-day moving averages.