Methodology and limitations

Every value on this site is recalculated from public data. Methods vary by service, so values may differ slightly from other sites. This page explains how each value is calculated and what cannot be known.

Chain indicators

Calculated daily from Coin Metrics Community Data market cap, MVRV, supply, issuance, hashrate and exchange reserves. The MVRV Z-score standard deviation is computed over all market cap data up to that day (cumulative). Source data is finalized a day or two late, so the date shown may be earlier than today.

The interpretation thresholds (MVRV 0 and 7, NUPL 0 and 0.75, Puell 0.5 and 4, Mayer 1 and 2.4, Fear & Greed 25 and 75) are widely cited conventions, not statistically validated trading criteria.

Hyperliquid whales

Whales are the top 100 addresses by Hyperliquid perpetual futures account equity. Leaderboard equity includes spot holdings, which pushes bridge and issuer addresses to the top, so futures account equity is re-queried for each address before selection. Positions are snapshotted via the public API every few minutes, and fill history is backfilled for each address.

The directional-whales-only view excludes market maker and neutral carry types, as well as hedged accounts whose longs and shorts offset so that the directional ratio (|long − short| ÷ (long + short)) is below 0.3.

Position change events group consecutive fills in the same direction and classify them as new entry, increase, reduction, close or reversal. Importance is based on fill size and share of the account.

The liquidation price map groups the liquidation prices of whale positions into 1% bands relative to the current price and sums them. For cross-margin accounts, the liquidation price moves with the PnL of other positions.

Dominance, altcoin season and share of rising assets

The share of rising assets counts coins currently trading on Binance USDT spot, excluding stablecoins and gold and wrapped tokens, as up, flat (within ±0.005%) or down by 24-hour change. It is recounted every 10 minutes.

The altcoin season index is the share (0–100) of the top 50 altcoins by market cap, excluding BTC, stablecoins and tokenized assets, that outperformed BTC over the last 90 days. 75 or above is read as altcoin season and 25 or below as Bitcoin season. Past dates are also calculated with today's top 50, so coins that were in the top 50 then but have since dropped out are not included. Values may therefore differ slightly from other sites.

"Other" in the BTC dominance bar is 100% minus the BTC and ETH shares.

Validation and limitations

In a validation on November 3, 2026, the signal 'following whales with strong recent performance leads to gains' turned out to be an artifact of hindsight classification and did not beat the baseline. That is why this site shows whale activity as a status, not as a signal.

With only about four Bitcoin cycles, the sample for the historical hit rate of chain indicators is small. All values are references for gauging the market phase.

Update intervals