Bitcoin.
Bitcoin, macro and markets — newest first.
- Metrics ExplainedBITCOIN
RHODL Ratio Explained
An explainer on how RHODL compares realized value across young and older Bitcoin coin-age bands, and why it requires careful interpretation.
READ THE ANALYSIS → - Deep DivesMACRO
The CLARITY Vote Meets a 5% Treasury Market
Regulatory progress could lower Bitcoin's institutional risk premium, but a near-certain Fed hike and a 5% Treasury yield are tightening the real economy.
READ THE ANALYSIS → - Metrics ExplainedBITCOIN
SOPR Explained: Spending Versus Creation
An explainer on how SOPR compares Bitcoin output value when spent with its value when created, and why the measure requires context.
READ THE ANALYSIS → - Daily SignalsBITCOIN
Realized Price: Bitcoin’s On-Chain Cost Basis
This explainer shows how realized price estimates Bitcoin’s aggregate on-chain cost basis and why it should be treated as contextual evidence rather than a standalone market signal.
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The Oil Shock Is Forcing a Global Rate Reset
Oil above $100 is colliding with sticky inflation, rising Treasury yields, election-year fiscal pressure and synchronized Fed and BOJ decisions.
READ THE ANALYSIS → - Daily SignalsBITCOIN
Bitcoin Realized Price Needs Context
Realized price is an on-chain cost-basis estimate that requires careful separation from Bitcoin’s spot market and this week’s macro developments.
READ THE ANALYSIS → - Metrics ExplainedBITCOIN
Short-Term Holder Cost Basis Explained
How Short-Term Holder Realized Price estimates the on-chain cost basis of recently moved bitcoin—and where that estimate can mislead.
READ THE ANALYSIS → - Daily SignalsBITCOIN
RSI: A Momentum Explainer
The Relative Strength Index is a bounded momentum measure that compares recent upward and downward price movements without functioning as a standalone trading signal.
READ THE ANALYSIS → - Daily SignalsMACRO
Bitcoin Rises as the Dollar and Yields Retreat
Bitcoin’s rebound, a stronger yen and lower Treasury yields point to a short-term easing in financial conditions—but the structural bond-market problem has not disappeared.
READ THE ANALYSIS → - Metrics ExplainedBITCOIN
NUPL: Bitcoin’s Unrealized Profit and Loss
A practical guide to NUPL, its realized-cap foundation, its limits, and how to use it as context rather than a standalone market signal.
READ THE ANALYSIS → - Metrics ExplainedMACRO
Real Yields And Bitcoin’s Opportunity Cost
How nominal and inflation-indexed Treasury yields differ—and why real yields influence the hurdle rate for holding Bitcoin.
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The Dollar Squeeze Hits Bond Markets
The Dollar Milkshake framework helps explain why a stronger dollar, changing Japanese capital flows and sovereign-bond stress can pressure Bitcoin before supporting its longer-term monetary case.
READ THE ANALYSIS → - Metrics ExplainedBITCOIN
MVRV Z-Score Explained
How MVRV Z-Score compares Bitcoin’s market and realized capitalization—and why it should be used as valuation context rather than a timing signal.
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How The Bitcoin Signal Reads Markets
A practical framework for separating durable market information from short-term noise.
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