Glossary
Complete reference for metrics and terms used in the dashboard.
MVRV (Market Value to Realized Value)
Ratio of market cap to realized cap. Shows if BTC is over/undervalued relative to average cost basis.
📐 Calculation
Current Price / Realized Price
💡 Interpretation
< 1 = Undervalued (holders underwater) • 1-2 = Fair value • > 3.5 = Overvalued (top risk)
Realized Price
Average acquisition price of all BTC in circulation. Calculated by valuing each coin at price when it last moved.
📐 Calculation
Realized Cap / Circulating Supply
💡 Interpretation
Major psychological support. Below this = most holders at a loss. Historic buying opportunity.
Funding Rate
Periodic payment between longs and shorts in perpetual futures. Paid every 8 hours.
📐 Calculation
Based on premium/discount of futures vs spot + interest rate
💡 Interpretation
Positive (>0.01%) = Longs pay shorts (crowded long, contrarian bearish) • Negative = Shorts pay (squeeze risk, contrarian bullish)
DXY (US Dollar Index)
Measures USD strength vs basket of 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF).
📐 Calculation
Weighted geometric mean of currency pairs
💡 Interpretation
< 98 = Weak dollar, supportive for BTC • > 102 = Strong dollar, suppresses risk assets
Fear & Greed Index
Composite indicator of market sentiment from Alternative.me. Combines volatility, volume, social media, surveys, dominance, trends.
📐 Calculation
Weighted average of 6 sub-indicators (0-100)
💡 Interpretation
< 25 = Extreme Fear (contrarian buy) • 25-45 = Fear • 45-55 = Neutral • 55-75 = Greed • > 75 = Extreme Greed (correction risk)
ETF Flows
Net inflow/outflow to spot Bitcoin ETFs. Shows institutional demand.
📐 Calculation
Daily inflow - daily outflow, aggregated over period
💡 Interpretation
Positive flow = Institutional accumulation • Negative = Distribution • Watch for 3+ consecutive days of inflow
Miner Cost / Production Cost
Estimated cost to mine 1 BTC (electricity, hardware amortization, operations).
📐 Calculation
Total mining costs / BTC mined (varies by efficiency)
💡 Interpretation
Low = $77k, High = $87k (approx). Below low = unprofitable, hash rate may drop. Above high = healthy margins.
Composite Index
Weighted score (-100 to +100) from macro, on-chain, derivatives, and news. Tier-based: hard data (on-chain) weighted higher; soft (news) lower to reduce manipulability.
📐 Calculation
Σ (factor_score × tier_weight) / Σ weight. Scores -1 (bearish) to +1 (bullish).
💡 Interpretation
+35+ = Buy • -35 to +35 = Hold • -35- = Sell. Hard score = on-chain only. Soft = survey + news.
Must-Hold Support
Critical zone 7-14% above realized price. Psychological support level.
📐 Calculation
Realized Price × 1.07 to 1.14
💡 Interpretation
Break below often triggers panic selling and capitulation. Watch closely if price approaches.
💬 Need more explanation? These metrics work best when combined. Check the Sources page for methodology.