Market value versus realized value — how much unrealized profit the whole network is sitting on. Above one, holders are in aggregate profit; the stretch marks cycle tops and bottoms.

A cross-cycle valuation panel — Mayer, 4-Year MA and Puell multiples read together against BTC price, plus a 0–100 downside-risk oscillator derived from price alone.

All of BTC price history fit to one log-log line — a slowly rising fair value with a corridor of support and mania around it, and today read as a deviation from trend.

Exchange balances as a tide gauge — how much of the supply sits on exchanges, the daily in/out flows, and the net drift read as accumulation versus distribution.

Miner economics as a valuation floor — thermocap (cumulative dollars paid to miners), the price multiple above it, hash-ribbon capitulation signals and the fee share of the security budget.