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A metric encyclopedia - what each number measures, what "normal" looks like, how it fails, and both the bull and bear read. Descriptive and historical, never prescriptive: every entry states what a reading has meant historically, never what to do about a reading right now.

New here? Start here - a guided reading order through this page.

• Active Addresses

  Count of unique BTC addresses active (sending or receiving) on a given day. A blunt instrument - one person can control many addresses - but a useful directional read on network usage over time.

• ATR (Average True Range)

  The typical size of a daily price bar, accounting for gaps between bars (not just that day's own high-low range) - a volatility measure in price units, not percentage.

• Bollinger Bands

  A 20-day moving average (the middle band) plus bands 2 standard deviations above and below it - a volatility-relative price envelope.

• DVOL

  The BTC equivalent of the VIX - derived from the market prices of a wide range of BTC options, it reflects the options market's forward-looking expectation of volatility, not realized (historical) volatility.

• ETF Net Flows

  Aggregate daily creations minus redemptions across every US-listed spot BTC ETF. Sustained inflows mean new dollars are entering via the ETF wrapper specifically; sustained outflows mean the reverse - distinct from spot/futures volume, which doesn't distinguish this specific buyer type.

• Exchange Reserve

  A running total of BTC sitting in known exchange wallets, tracked over time. A declining reserve means, all else equal, less BTC is immediately available for sale on exchanges.

• Fear & Greed Index

  A composite of volatility, momentum, social volume, and surveys. Read as a contrarian crowd-positioning signal, not a price prediction - it describes current sentiment, it does not forecast direction.

• Funding Rate

  The periodic payment between long and short perpetual-futures positions on Kraken's BTC/USD contract - positive means longs pay shorts (a crowded-long signal), negative means the reverse.

• Halving Cycle Position

  Where today sits between the last Bitcoin block-reward halving and the estimated next one - the classifier's own point-in-time position within the roughly four-year issuance schedule, used alongside valuation, flows, and leverage, never on its own.

• MACD

  The gap between a fast (12-period) and slow (26-period) exponential moving average, plus a 9-period signal line of that gap - a trend-following momentum indicator.

• Macro Backdrop

  Seven traditional-market series (money supply, rates, the dollar, credit, gold) that describe the broader liquidity and risk environment bitcoin trades inside - context for the Read's other modules, not a bitcoin-specific signal on its own.

• mNAV Premium

  How many dollars the market pays for each dollar of a bitcoin-treasury company's underlying net asset value (BTC holdings minus debt), per share.

• MVRV

  MVRV compares BTC's market cap to its realized cap (the value of every coin priced at when it last moved on-chain). It approximates the average cost basis of all holders - a rough read on how much unrealized profit or loss the market as a whole is sitting on.

• Net Exchange Flow

  Inflow minus outflow. Positive means more BTC moved onto exchanges than off them (readier to sell); negative means the reverse (more likely held or moved to cold storage). A trend across many days is more informative than any single day's reading.

• Open Interest

  The total number of open BTC perpetual futures contracts outstanding - a read on how much leveraged positioning currently exists in the derivatives market, distinct from spot demand.

• BTC Price

  Bitcoin's own USD price history, alongside the standard set of price-derived technical indicators (RSI, MACD, Bollinger Bands) computed on demand from it - included for descriptive context, not as a timing signal.

• Puell Multiple

  Compares the USD value of newly issued BTC to its own 365-day trailing average - a read on whether miner revenue (and therefore potential miner sell pressure) is unusually high or low relative to its own recent history.

• Put/Call Skew

  A simplified proxy: the implied-volatility spread between a ~10%-out-of-the-money put and a ~10%-out-of-the-money call at the nearest-to-30-day expiry. Always available even when the 25-delta version can't find a matching strike - use it as the fallback read.

• Realized Cap

  Every coin valued at the price it last moved on-chain, summed - a rough aggregate cost basis for the whole market, in contrast to market cap's current-price valuation of the same supply.

• Realized Volatility

  Standard deviation of daily returns, annualized. A high realized-volatility regime doesn't predict direction, only that recent price swings have been unusually large or small relative to history.

• RSI (Relative Strength Index)

  Momentum, scaled 0-100, based on the ratio of average recent gains to average recent losses over 14 periods (Wilder's smoothing).

• Stablecoin Supply

  The total USD value of major dollar-pegged stablecoins in circulation - a proxy for how much 'dry powder' sits inside crypto markets, ready to be deployed without an off-ramp round trip through a bank.