About

What this is

Ghost Alpha is one person's self-hosted research dashboard for reading the bitcoin market cycle and the MicroStrategy (Strategy Inc, ticker MSTR) / bitcoin mNAV relationship. It pulls on-chain, macro, sentiment, derivatives, and SEC-filing data on a schedule and shows it with historical context (percentiles, trend, worked examples), plus a metric encyclopedia (the Learn page) aimed at someone who doesn't already know what MVRV or funding rate mean.

Who publishes this

Built and maintained by tokentempo (github.com/tokentempo), one person, no team, no company. No economic interest in any asset or product discussed here exists today; if that ever changes, it will be disclosed on this page. Any AI-generated content on this site (see the narrative summary on the Read) is clearly labeled where it appears, not human-written.

What this is not

• Not financial advice, and not a recommendation to buy, sell, or hold anything. Every explanatory page states what a reading has meant historically - never what to do about a reading right now (see the Learn page's bull/bear framing on every metric).
• Not a licensed, audited, or professionally maintained product. It is a single person's project, run on a personal server, with no SLA, no support desk, and no guarantee of uptime or correctness.
• Not free of mistakes. Data can be delayed, incomplete, or simply wrong - upstream sources change formats, ingestion jobs fail silently until caught, and formulas can contain bugs. This project's own history includes a real incident where the dashboard silently showed broken data for an unknown period.

Who it's for

Anyone deciding whether to hold bitcoin exposure, sizing a position, or trying to learn how to read on-chain and market-structure data - including someone with no prior background, since the Learn page is built for that. No account, login, or payment is required or collected.

Verify independently

Every figure shown states its source and as-of date. Treat every number here as a starting point for your own research, not a conclusion - cross-check anything you intend to act on against the primary source (the SEC filing, the exchange, the on-chain data provider) directly.

Maintained data

Almost everything in this project is refreshed automatically by cron - see Data for the cron-freshness and source-health panels. A small number of tables are hand-maintained instead, because their source is filing prose rather than clean structured data. Listed here with when they were last verified against a primary source, so staleness is visible instead of assumed away.

This page exists because the site is publicly reachable with no login and teaches beginners directly.