PreReason Metrics
Bitcoin Metrics (11)
Bitcoin Price: Current Bitcoin spot price in US dollars, updated every 2 minutes (CoinGecko)
Bitcoin Market Cap: Total Bitcoin market capitalization in USD (CoinGecko)
Bitcoin 24h Volume: Total Bitcoin trading volume over the past 24 hours in USD (CoinGecko)
Bitcoin 24h Change: Bitcoin price change percentage over the last 24 hours (CoinGecko)
Bitcoin Dominance: Bitcoin market cap percentage of total crypto market (CoinGecko)
Bitcoin Hash Rate: Total Bitcoin network computational hash rate in EH/s (Blockchain.com)
Bitcoin Difficulty: Current Bitcoin mining difficulty (Blockchain.com)
Daily Transaction Count: Number of daily Bitcoin transactions (Blockchain.com)
Transaction Volume (USD): Estimated daily transaction volume in USD (Blockchain.com)
Active Addresses: Number of unique active addresses (Blockchain.com)
USDT Market Cap: Tether (USDT) total market capitalization in USD (CoinMarketCap)
Macro / Market Metrics (13)
Fed Balance Sheet: Federal Reserve total balance sheet assets, WALCL series (weekly from FRED)
M2 Money Supply: United States M2 broad money supply, M2SL series (monthly from FRED)
10-Year Treasury: 10-year Treasury constant maturity rate - DGS10 (daily)
Reverse Repo (RRP): Overnight reverse repurchase agreements - RRPONTSYD (daily)
EUR/USD Exchange Rate: Euro to US Dollar foreign exchange rate, DEXUSEU series (daily from FRED)
CNY/USD Exchange Rate: Chinese Yuan to US Dollar exchange rate - DEXCHUS (daily)
Yield Curve Spread: Treasury yield curve spread between 10-year and 2-year rates, T10Y2Y (daily)
Treasury General Account: Treasury General Account balance at Federal Reserve - WTREGEN (daily)
SPY (S&P 500 ETF): SPDR S&P 500 ETF Trust - proxy for S&P 500 index (15-min delayed)
QQQ (Nasdaq 100 ETF): Invesco QQQ Trust - proxy for Nasdaq 100 index (15-min delayed)
IWM (Russell 2000 ETF): iShares Russell 2000 ETF - small cap proxy (15-min delayed)
VXX (Volatility ETF): iPath Series B S&P 500 VIX - volatility proxy (15-min delayed)
UUP (US Dollar ETF): Invesco DB US Dollar Index - DXY proxy (15-min delayed)
Calculated Metrics (6)
Net Liquidity: Net liquidity proxy - Fed balance sheet minus reverse repo and Treasury account balances
Hash Ribbon: Hash rate momentum indicator - 30-day vs 60-day moving average ratio
MVRV Proxy: Market value to realized value estimate - gauges whether Bitcoin is over- or undervalued
USDT Dominance: USDT share of total crypto market cap - risk-off/risk-on sentiment gauge
BTC 200-Day MA: 200-day simple moving average of BTC price — key institutional support/resistance
BTC Distance from 200D MA: Percentage distance of BTC price from its 200-day MA — measures overextension or support proximity
Mining & Energy Metrics (8)
Hashprice: Daily mining revenue per terahash per second. The core profitability metric for Bitcoin miners.
Hashprice 7d Smoothed: Seven-day simple moving average of hashprice. Dampens daily volatility from fee spikes and data lag.
Epoch Pace: Percentage deviation of actual block production time from the 10-minute target. Indicates whether the next difficulty adjustment will increase or decrease.
BTC Production Cost: Estimated cost to produce one Bitcoin, calculated across three tiers: electricity-only, cash operating expenses, and fully-loaded all-in cost.
Price-to-Production Ratio: Bitcoin market price divided by the Tier 2 (cash OPEX) production cost. Shows whether miners are operating profitably.
Gas Input Cost: Natural gas price converted to electricity-equivalent cost per kWh. Represents the energy input cost for gas-powered mining operations.
Energy Pressure: Composite signal measuring whether energy input costs are rising or falling relative to their recent trend. Combines multiple cost sources into a single directional indicator.
Natural Gas Price: Henry Hub natural gas spot price in $/MMBtu. The primary commodity input for gas-powered Bitcoin mining operations.