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Plain-language guides to the macro, liquidity, and on-chain indicators long-term investors actually watch — what each one measures, why it matters, and how to read it.
Global liquidity is the total pool of cash and credit available to financial markets worldwide.
Fed net liquidity estimates the dollars actually available to U.S.
M2 is a broad measure of the money supply: physical cash, checking deposits, savings deposits, small time deposits, and retail money-market funds.
The yield curve plots government bond yields across maturities.
The Consumer Price Index (CPI) measures the average change in prices paid by consumers for a representative basket of goods and services, published monthly by the U.S.
The unemployment rate is the share of the labor force that is jobless and actively seeking work, published monthly by the U.S.
The MVRV ratio divides Bitcoin's market capitalization by its realized capitalization — the value of all coins priced at the time they last moved on-chain.
Net Unrealized Profit/Loss (NUPL) measures the share of Bitcoin's market capitalization that consists of unrealized profit.
Bitcoin's realized price is the realized capitalization divided by circulating supply — the average price at which every coin last moved on-chain.
The Bitcoin power law model observes that Bitcoin's price, plotted on logarithmic axes against time since the 2009 genesis block, has historically grown along a roughly straight line.