Total Realized Cap Index

Shown as its 2019–2022 sample; the latest readings and full history are included with Plus.

An equal-weight index of the realized caps of our assets, rebalanced weekly: how the capital invested in a typical asset of the basket has grown, with bitcoin counting no more than any other.

Why use it. The sum is dominated by bitcoin; giving each asset the same weight shows whether capital is flowing into the wider market or concentrating. How to read it. Rising: the typical asset is drawing in capital; falling: capital is leaving the typical asset at a loss. 100 is the start day; the level is a growth multiple of the basket since then.

Calculation. Assets join at the first weekly rebalance after a year of realized cap history (so a new asset's first months do not move the index); the index starts at 100 in the first week with at least five such assets (5 August 2018). Within each UTC week (from Monday) the index moves by the mean of the members' realized caps relative to the day before the week; an asset without a value on a day leaves that week's basket from that day. The basket is every asset whose realized cap and SOPR we compute from our own nodes: Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash and the ERC-20 tokens we index (wrapped bitcoin is left out, its coins being Bitcoin's). It is far smaller than an all-market basket and changes as we add tokens. Computed from the published Realized Cap and SOPR charts of each asset (our own Bitcoin, Litecoin, Dogecoin, Bitcoin Cash and Ethereum archive nodes; token amounts and cost bases from the Ethereum node), closed UTC days only, recomputed every hour; values take the finality of their inputs.