The metrics
The Institutional Waterline $75,891
The average price every US spot bitcoin ETF paid, across every coin they hold. Above it the funds are in profit, below it they are not.
The Squeeze Ratio 2.57×
How many times more bitcoin the ETFs have bought than miners have created since the funds launched.
The Wall Street Share -1.4%
How much of bitcoin’s move over the last year happened during US market hours, against every other session.
The Chokepoint Ratio 84.6%
The share of all ETF bitcoin sitting with a single custodian. Bitcoin removed counterparty risk; the funds quietly rebuilt it.
The Volatility Convergence 1.26×
How much more volatile bitcoin is than gold. The number has been falling for a decade.
The Drawdown Clock −30.7%
How far below its all-time high bitcoin sits today, and how many days it has been there.
The ETF Share of Supply 6.37%
The share of every bitcoin that will ever exist now held inside a US spot ETF.
The Weekend Fade 12.7%
The share of trading that still happens at the weekend, when the traditional financial system is shut.
The Debasement Spread 43%
How much ground the US dollar has lost against bitcoin over five years, measured beside 59 other national currencies.
The 200-Week Line +30.9%
The gap between the price today and the average of the last four years. Includes every month it has closed below, which most people quoting it get wrong.
The Steady Buyer 11.94×
What a fixed amount bought every week and never sold would be worth today, at every horizon including the losing ones.
The Miner Squeeze $39
What a miner earns per unit of computing power per day. It halves by design and the rest is the price.
Who Is Actually Short +13k BTC
Which type of firm is actually betting which way in bitcoin futures, published weekly by a US regulator. The dealers who run the ETF plumbing, against the hedge funds.
The Issuance Race 6.9×
How much faster the US money supply grows than the supply of bitcoin.
Lost Time and Money −9 hours
$1,000 saved in January 2020 and kept as cash pays for 9 fewer hours of average US work today, and buys what $776 did then. Held as bitcoin it is worth $12,071.
Strategy (MSTR) Bitcoin Held 847,666 BTC
Every purchase the largest corporate holder has filed, and the average price paid across all of them.
US Spot Bitcoin ETF Net Flows $57.7B
Every dollar that has gone into or out of the US spot bitcoin ETFs since they launched in January 2024, month by month.
What the blockchain shows
Who sold, at what price, and how long they had held. Read straight from bitcoin's public record of every coin that moves.
Who's Selling at a Loss Long-term holders 1.03
SOPR: the price each coin sold at divided by the price it was bought at. Below 1.0 means selling at a loss. Long-term holders were at 0.86 at the June 30 low.
The book
The Big Squeeze: Why Bitcoin Wins With or Without You by M.L.S. is 94 pages on what happens when a fraction of global capital meets a fixed supply. It is free as an EPUB and free as a PDF.
The raw data
Every figure above is published as JSON at /data/metrics.json, updated whenever the metrics are. Sources: Coin Metrics, Coinbase, mempool.space, blockchain.info, CoinGecko, Farside, WalletPilot, bitcoin-data.com, SEC EDGAR, the CFTC Commitments of Traders and FRED. None of them require an API key, so anyone can check the working.