Research › Methodology
Methodology
How TCB Computes Its Indices
Every proprietary metric published by TCB is built from primary sources with fully documented methodology. No black boxes. No third-party aggregators where primary data is accessible.
Computed Index
TCB ETF Absorption Index
Formula: Daily ETF Net Inflow (BTC) ÷ Daily Mined Supply (BTC)
Data sources: Farside Investors (daily ETF flows), on-chain block data (actual mined supply).
Update frequency: Daily, after US market close. Post-halving mined supply baseline: 450 BTC/day. A reading above 1.0x means ETFs are absorbing more than all newly mined supply.
Computed Index
TCB Miner Stress Score
Formula: Composite of (1) Price-to-Cost Ratio, (2) Hash Rate Trend, (3) Difficulty Adjustment Momentum
Data sources: CoinGecko (BTC price), Cambridge Bitcoin Electricity Consumption Index (production cost estimate), blockchain data (hash rate, difficulty).
Scale: 0 to 100. Below 30 = high stress (miners unprofitable). 30 to 60 = neutral. Above 60 = healthy miner economics.
Computed Index
TCB DeFi Pulse
Inputs: Total Value Locked (TVL), 7-day TVL change %, protocol revenue (annualized), active user trend
Data sources: DeFiLlama API (TVL, revenue, users across 200+ protocols). Refreshed daily at midnight UTC.
Interpretation: Pulse above 60 signals expanding DeFi ecosystem health. Below 40 signals contraction in activity and capital deployment.
Primary Data
Bitcoin ETF Flow Monitor
Source: Farside Investors, scraped and parsed daily.
Net flow = sum of individual ETF inflows minus outflows for each trading day. Displayed as raw BTC and USD equivalent at closing price.