Bitcoin · Nebula 8 by TenQ

Bitcoin's cycle.

Nebula 8, TenQ's indicator, marks where Bitcoin sits in its own cycle: historically cheap, historically expensive, or in between.

Weekly BTC/USD on Bitstamp. Chart by TradingView, indicator Nebula 8 by TenQ.

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Nebula 8 alerts

  1. Entered the green zone: historically cheap$65,050
  2. Entered the green zone: historically cheap$71,314
  3. Entered the green zone: historically cheap$73,825
  4. Entered the green zone: historically cheap$71,259
  5. Entered the green zone: historically cheap$62,795

Reading the chart

Nebula 8 is built for long horizons, not trading: its zones appear a few times a cycle, often years apart. It shows where the price sits against its history; it does not forecast it.

Not investment advice. Past cycles do not predict future ones.

Bitcoin fundamentals

From the blockchain

What the blockchain itself records: the computing power that secures it, how much it is used, what that costs, what pays the miners, and how many coins it holds.

Hash rate

How much computing power secures Bitcoin?

05001,00020222023202420252026928

→Bitcoin's miners averaged 928 exahashes a second (EH/s) in the week of 14 September 2026, against 145 EH/s in the week of 27 September 2021.

Source: mempool.space · as at 2026-09-20

Network activity

How many transactions does Bitcoin settle each week?

02.0m4.0m20222023202420252026Transactions 5.0m

→Bitcoin settled 5.0m transactions in the week of 14 September 2026, against 1.8m in the week of 27 September 2021.

Source: mempool.space · as at 2026-09-20

Transaction fees

What does it cost to send a Bitcoin transaction?

$0$20$4020222023202420252026Average fee $0.30

→The average Bitcoin transaction paid $0.30 in fees in the week of 14 September 2026, against $2.80 in the week of 27 September 2021.

Source: mempool.space · as at 2026-09-20

Miner income

How much of miners' income comes from fees?

0%20%20222023202420252026Fees 0.59%

→Fees made up 0.6% of miners' income in the week of 14 September 2026. The rest was the block subsidy, newly issued bitcoin, which halves roughly every four years.

Source: mempool.space · as at 2026-09-20

Unspent coins

How many unspent coins sit on the Bitcoin network?

100.0m150.0m20222023202420252026Unspent outputs 165.3m

→Bitcoin held 165.3m unspent outputs at the end of the week of 14 September 2026, against 75.3m in the week of 27 September 2021. Each is a coin a wallet can spend; one wallet usually holds many.

Source: mempool.space · as at 2026-09-20

Data powered by mempool.space, summed from every block. Weeks run Monday to Sunday, UTC; the week in progress is left out.