MARKET STATE
Crypto market state
Market State combines average RSI, capitalization, sentiment, general crypto metrics, Bitcoin analytics, on-chain activity and the Altcoin Season Index in one dashboard.
OVERALL READ
Cautious optimism
Momentum is constructive but sentiment is running hot: selective, not euphoric.
Updated daily
Key indicators
Average RSI
Neutral
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Market-wide momentum across tracked pairs.
HOW IT IS CALCULATED
Market cap ex-stables
Tracking
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Risk capital in the crypto market.
HOW IT IS CALCULATED
Stablecoin market cap
Liquidity
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Dollar-linked liquidity available in the crypto market.
HOW IT IS CALCULATED
Fear & Greed
Sentiment
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Market sentiment from 0 fear to 100 greed.
HOW IT IS CALCULATED
General crypto metrics
Total market capitalization
Fair value
Daily
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Power-law estimate of a balanced total market capitalization.
HOW IT IS CALCULATED
Deviation from fair value
Daily
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Percentage distance between actual and fair total capitalization.
HOW IT IS CALCULATED
Risk metric
Daily
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Normalized position of the current regression residual from 0 to 1.
HOW IT IS CALCULATED
Logarithmic regression
Daily
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Actual, fitted and historical residual-band capitalization.
HOW IT IS CALCULATED
Excluding stablecoins
Fair value ex-stables
Daily
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Independent fair-value model for capitalization excluding stablecoins.
HOW IT IS CALCULATED
Deviation ex-stables
Daily
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Percentage deviation from the ex-stablecoin fair-value curve.
HOW IT IS CALCULATED
Risk metric ex-stables
Daily
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Normalized regression-residual risk for non-stablecoin capitalization.
HOW IT IS CALCULATED
Log regression ex-stables
Daily
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Ex-stablecoin capitalization, fair curve and residual bands.
HOW IT IS CALCULATED
BTC + ETH dominance
Bitcoin metrics
Bitcoin fair value
Daily
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Power-law estimate of a balanced Bitcoin price.
HOW IT IS CALCULATED
Deviation from fair value
Daily
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Percentage distance between the actual Bitcoin price and fair value.
HOW IT IS CALCULATED
Bitcoin risk metric
Daily
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Normalized position of the current Bitcoin regression residual from 0 to 1.
HOW IT IS CALCULATED
Bitcoin logarithmic regression
Daily
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Actual and fitted Bitcoin prices with historical residual bands.
HOW IT IS CALCULATED
Bitcoin ROI by cycle
Daily
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Investment returns rebased and compared across Bitcoin market cycles.
HOW IT IS CALCULATED
Bitcoin ROI by year
Daily
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Daily Bitcoin returns compared across UTC calendar years.
HOW IT IS CALCULATED
Bitcoin dominance
Daily
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Bitcoin share of total cryptocurrency market capitalization.
HOW IT IS CALCULATED
Bitcoin market capitalization
Daily
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Daily US dollar value of the circulating Bitcoin supply.
HOW IT IS CALCULATED
Stablecoin Supply Ratio (SSR)
Daily
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Bitcoin market capitalization relative to aggregate stablecoin capitalization.
HOW IT IS CALCULATED
Bitcoin on-chain metrics
Bitcoin circulating supply
Daily
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Daily circulating Bitcoin supply expressed in BTC.
HOW IT IS CALCULATED
Bitcoin realized price
Daily
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Aggregate on-chain acquisition-cost estimate per circulating bitcoin.
HOW IT IS CALCULATED
Bitcoin supply in profit
Daily
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Share of supply last moved below the current market price.
HOW IT IS CALCULATED
Bitcoin supply in loss
Daily
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Share of supply last moved above the current market price.
HOW IT IS CALCULATED
Coin Days Destroyed
Daily
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Value and age of Bitcoin outputs spent during the day.
HOW IT IS CALCULATED
Bitcoin transaction count
Daily
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Confirmed on-chain transactions per UTC day.
HOW IT IS CALCULATED
Bitcoin transfer volume
Daily
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Native BTC transfer volume recorded on-chain over 24 hours.
HOW IT IS CALCULATED
Realized profit/loss percentage
Daily
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Daily SOPR converted into a percentage above or below break-even.
HOW IT IS CALCULATED
Net realized profit/loss in USD
Daily
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Realized profit minus realized loss during the day.
HOW IT IS CALCULATED
Spent volume in profit and loss
Daily
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BTC spent in profit and in loss shown as separate daily series.
HOW IT IS CALCULATED
Bitcoin MVRV Z-Score
Daily
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Standardized distance between market and realized capitalization.
HOW IT IS CALCULATED
Bitcoin price models
Daily
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Market price compared with several on-chain valuation references.
HOW IT IS CALCULATED
READ ON THE MARKET
Read on the market
The dashboard combines momentum, capitalization and sentiment instead of reading one isolated signal.
When the indicators agree, the market regime is easier to classify. When they diverge, position sizing and clear invalidation levels become more important.