Indicators
The full catalogue, grouped by the question each answers. Every indicator here is a measurement with a method and a computation time, not a signal and not a recommendation. There is no composite of them and none will be added: an indicator is read, not scored.
28 catalogued, 26 with a current reading. Where a reading is missing the row says why — an indicator that exists and cannot be read today is a different fact from one that does not exist.
Cost of credit
What borrowing against bitcoin costs, over bills and across venues, and how that cost is formed.
| Indicator | Units | Reading | History |
|---|---|---|---|
| Bitcoin-Secured Borrow Spread bsbs | points over the 3-month bill (continuously compounded) | 0.73 points · 2026-10-13 | yes |
| Borrow spread over the 3-month bill borrow-spread | points (continuously compounded) | 2.15 points · 2026-10-13 | yes |
| Borrow over lend rate, per class intermediation-spread | points (continuously compounded) | 1.42 points · 2026-10-15 | yes |
| Benchmark Curves (the signed curve) benchmark-curves | percent cc on every point (rate cc), with the native rate and unit beside it | on its page | no |
| Macro Context macro | mixed | on its page | yes |
Size and leverage
How much bitcoin stands behind debt, how much debt there is, and how both move.
| Indicator | Units | Reading | History |
|---|---|---|---|
| Bitcoin Collateral Share Index bcsi | index (100 on 2022-09-19) | 138.1 · 2026-10-14 | yes |
| Bitcoin collateral as a share of supply collateral-share | ratio | 0.0110 · 2026-10-14 | yes |
| Corporate bitcoin holdings as a share of supply holdings-share | ratio | 0.0472 · 2026-10-14 | yes |
| Secured debt over realised cap debt-over-realised-cap | ratio | 0.0064 · 2026-10-14 | yes |
| Weekly change in bitcoin-secured credit, matched venues credit-weekly-change | ratio | 0.0023 · 2026-10-15 | yes |
| Capital Stack capital-stack | % a year as each source quotes it, by layer: Treasury bond-equivalent, the auction and posted cards APR (the signed curve, benchmark-curves, serves every layer continuously compounded) | on its page | no |
Liquidation
Where positions would be liquidated, and how that sits against what holders paid for their coins.
| Indicator | Units | Reading | History |
|---|---|---|---|
| Bitcoin liquidations would release at a fall btc-released-at-fall | BTC | on its page | yes |
| Liquidation price over realised price liq-over-realised | ratio | 0.8583 · 2026-10-14 | yes |
| Supply whose cost basis sits in the liquidation bands costbasis-near-liquidation | BTC | 2.75m BTC · 2026-10-15 | yes |
| Cost basis cost-basis | USD per BTC (percentiles); BTC by price bucket | on its page | yes |
| Realised holding-period curve holding-period-curve | percent by holding period (1–730 days) | on its page | yes |
Wrapped bitcoin
Whether each wrapper is backed by bitcoin at its issuer’s published addresses, read on our own node.
| Indicator | Units | Reading | History |
|---|---|---|---|
| Wrapper Reserve Coverage wrc | ratio per wrapper | on its page | yes |
Holders and spending
Chain measures of who holds bitcoin, for how long, and when old coins move. Venue-independent.
| Indicator | Units | Reading | History |
|---|---|---|---|
| HODL Waves hodl-waves | percent of supply by age band | on its page | yes |
| On-chain Indicators (latest) onchain-latest | mixed | on its page | yes |
| Spending by age spending | BTC per day by age band; coin-days; days | on its page | yes |
Miners
What mining earns, and how much of it comes from fees.
| Indicator | Units | Reading | History |
|---|---|---|---|
| Hashprice hpx | BTC per PH/s per day (miner.hpx btc); USD per PH/s per day as miner.hpx usd | on its page | yes |
| Mining mining | EH/s; difficulty; BTC per day; blocks and transactions per day | on its page | yes |
| Miners’ revenue as a share of supply miner-revenue-share | ratio per year (annualised share of spendable supply) | 0.0092 · 2026-10-14 | yes |
Context
The surrounding conditions the credit layer is priced against.
| Indicator | Units | Reading | History |
|---|---|---|---|
| Stablecoin Supply stablecoins | USD | on its page | yes |
| BTC Reference Price (on-chain) btc-price | basket dollars per BTC (not fiat) | on its page | yes |
| ETH Reference Price (on-chain) eth-price | USDBASKET per ETH (basket dollars, not fiat) | on its page | yes |
Retired
No longer computed. The pages stay so that a link to them still says what they were.
| Indicator | Units | Reading | History |
|---|---|---|---|
| Leverage Conviction Index lci | annualised % by rolling window | retired — Retired 2026-10-02 | retained, not served |
| Stablecoin Dominance Ratio sdr | percent | retired — Retired 2026-10-02 | retained, not served |
Withdrawn from this property
Not published here: retired, held until a condition is met, or served by a venue's own property. Each page says which and why.
| Indicator | Status | Since |
|---|---|---|
| tci | retired | 2026-10-09 |
| tsr | retired | 2026-10-09 |
| cdr | retired | 2026-10-09 |
| ccpi | retired | 2026-10-09 |
| complex | retired | 2026-10-09 |
| forward-curve | retired | 2026-10-09 |
| defi-rates | retired | 2026-10-09 |
| srcs | moved | — |
| implied-price | held | 2026-10-09 |
| regime | held | 2026-10-09 |
| surface | held | 2026-10-09 |
Findings
Questions written down before anything was computed, with the result and its method, including when the result is null. Not indicators: they have no reading and no history.
Dated notes on what is published: News.
Ask for this by machine
| REST | no catalogue route; each indicator page names its own |
|---|---|
| MCP | list_indicators() get_indicator({ id: "bsbs" }) |
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