01
LEVERAGE REGIME
── STABLE ── ▾NFCILEVERAGE+0.001 4w
NFCINONFINLEVERAGE+0.015 4w
Leverage indices are roughly flat over four weeks. Read: a holding pattern; neither adding nor shedding risk.
STALE DATA · 4.1h old
02
RISK REGIME
── MIXED ── ▾NFCIRISK+0.033 4w
VIXz=-0.16
Leverage sub-indices disagree: one expanding, one contracting. Read: no clean regime call yet.
STALE DATA · 4.1h old
03
CREDIT CONDITIONS
── EASING ── ▾NFCICREDIT-0.003 4w
stablecoin7d +0.92%
Credit sub-index declining with stablecoin supply expanding. Dry powder is building and cost of money is falling.
Further reading
STALE DATA · 4.1h old
04
BITCOIN DIRECTIONAL BIAS
── BULLISH ── ▾▲
BULLISH
BTC $73,860
1d -2.5%
Conviction
●●●○
Financial conditions loose and BTC aligned with macro risk-on. Bias resolves bullish.
NFCI-0.465
ANFCI-0.468
BTC-SPXcorr -0.01
BTC-DXYcorr -0.28
Financial conditions loose and BTC aligned with macro risk-on. Bias resolves bullish.
Further reading
STALE DATA · 4.1h old
05
CAPITAL ROTATION
── ACCUMULATING ── ▾
MAJORS
GREEN
BTC, ETH — rotation z=+0.64
AssetSpot1d7d
BTC$73,860-2.5%+4.4%
ETH$2,265-3.7%+3.3%
LARGE-CAPS
ORANGE
SOL, BNB, XRP — rotation z=+0.24
AssetSpot1d7d
SOL$83.52-3.1%+2.4%
BNB$616.06-2.2%+4.0%
XRP$1.395-2.7%+5.3%
ADA$0.2426-2.6%+2.7%
DOGE$0.0931-1.8%+2.3%
AVAX$9.020-3.3%-0.1%
ALTS
GREEN
POL, LTC, SHIB — rotation z=+0.97
AssetSpot1d7d
POL$0.0877-2.0%+7.0%
LTC$54.10-2.9%+1.1%
SHIB$0.000006-2.8%+2.4%
ATOM$1.759-1.4%+1.9%
UNI$3.232-3.6%+7.1%
ICP$2.409-3.3%-0.2%
STABLES
GREEN
USDT, USDC, DAI — rotation z=+0.87
CoinSupply1d7d
USDT$187.2B+0.3%+1.5%
USDC$78.2B-0.3%-0.5%
DAI$4.4B+0.5%-0.8%
PYUSD$4.1B-1.4%+0.9%
FDUSD$414.9M+0.2%+3.9%
Further reading
STALE DATA · 4.1h old