A Beginner's Guide to Every Card on the Crypto Page

The crypto page packs a lot onto one screen: live prices from three exchanges, money moving through the spot ETFs, the companies that hold bitcoin, the network that produces it, the leverage traders are running, what the options market expects, what prediction markets are betting, and more than ten years of bitcoin history. Most cards have a short note underneath, and the page ends with a short guide. This post is the long version.

It is written for someone who has never traded crypto. It walks down the page in order, explains what each card measures, shows how to read it, and points out the places where the number is easy to misread. Where a card depends on an idea from finance, such as an option, a futures contract or leverage, the idea is explained first.

The numbers quoted here are from the page as it stood early on Saturday, November 7, 2026, about 6:25 AM Eastern. They will have moved by the time you read this. That is fine: the point is to learn how to read them, and the page will have today's values.

Nothing on the page, and nothing in this post, is a forecast or investment advice. Every figure is a price that a market set, a measurement of something that already happened, or a mechanical estimate worked out from those, such as the next difficulty change.

Ideas the Whole Page Uses

A handful of ideas come up on almost every card. If any of them are new to you, read this section first; everything after it builds on these.

Crypto never closes. Stocks trade from 9:30 AM to 4 PM Eastern on weekdays. Bitcoin trades every second of every day, weekends and holidays included. So "24h" on the page means the last 24 hours counted back from now, not "since yesterday's close." Where the page needs calendar days (daily candles, monthly returns), it uses days in UTC, the world's reference time zone. A UTC day ends at 7 PM Eastern in winter and 8 PM Eastern in summer.

There is no single bitcoin price. Bitcoin trades on many exchanges, and each one has its own price set by its own buyers and sellers. Traders who buy where it is cheap and sell where it is dear keep those prices within a few dollars of each other, but they are never exactly equal. When the page quotes "the" price, it is either one exchange's price or a blend.

Prices are quoted in dollars. BTC/USD means the price of one bitcoin in U.S. dollars. One bitcoin divides into 100 million smaller units called satoshis, or sats. The page also uses the symbol ₿ for bitcoin.

Market cap is the price times the number of coins in existence. Bitcoin at about $75,900 with about 20.1 million coins gives a market cap of about $1.53 trillion.

A basis point is one hundredth of a percent. 10 basis points is 0.1%. Small differences between prices are easier to talk about in basis points, often written bps.

Annualised means a rate has been scaled to a full year so it can be compared with other yearly rates. A charge of 0.01% every eight hours happens three times a day, 1,095 times a year, which adds up to 10.95% a year. The page adds these up simply rather than compounding them.

Long and short. A trader who is long profits when the price rises. A trader who is short profits when it falls. One way to go short is to borrow coins, sell them, and later buy the same number back to return to the lender: if the price fell in between, the coins cost less to buy back than they were sold for, and the trader keeps the difference. The other way is to take the selling side of a contract that gains when the price falls.

Bull and bear. A rising market is called a bull market and a falling one a bear market. A bullish reading points up; a bearish one points down.

Leverage means controlling a position bigger than the cash you put up. With 10 times leverage, $1,000 controls $10,000 of bitcoin. A 10% move in bitcoin is then a 100% gain or loss on the $1,000. Much of crypto trading runs on leverage, which is why several cards on the page measure it.

Spot and derivatives. Buying spot means buying the coin itself. A derivative is a contract whose value depends on the coin's price. The page covers three kinds. A futures contract is an agreement to buy or sell a coin on a set future date at a price agreed today; on that date it settles at the spot price, so the two prices end up equal. A perpetual swap is a futures contract with no end date. An option gives the right, but not the duty, to buy or sell at a set price. Each is explained in its own section. Traders use derivatives to take on leverage, to bet on a fall, or to hedge.

Hedging means taking a second position that gains when your main one loses, to limit the damage. An investor who owns bitcoin and buys insurance against a fall is hedged.

Volatility is how much a price swings up and down, in either direction. It is quoted as a yearly percentage: the bigger the number, the bigger the typical daily moves. Bitcoin's is usually somewhere between 30% and 80%; a large U.S. stock index's is usually under 20%.

Implied and realised. Realised volatility describes what already happened: how much the price actually moved last month. Implied volatility is worked backwards from option prices: how much movement those prices are paying for. The gap between the two is one of the more useful readings on the page.

Correlation and beta. Correlation, from −1 to 1, says how consistently two things move in the same direction on the same days. Beta says how big one move tends to be relative to the other. A coin with a beta of 1.5 to bitcoin has tended to move 1.5% for every 1% bitcoin moves.

The Top Row

Six tiles at the top give the state of the market in one glance. Each is covered in more depth further down; here is what each one says.

Crypto market cap adds up the market value of every coin the page's market data covers, more than 20,000 of them, and shows the change over the last 24 hours. On Saturday morning it read $2.57 trillion, down 0.14% in a day. The line underneath is 24-hour trading volume, the dollar value of everything traded across exchanges over that time, here $56.1 billion. Treat volume as a rough figure: exchanges report their own volume, and some have been known to inflate it.

Bitcoin dominance is bitcoin's share of that total market value, 59.5% on Saturday, with ether at 10.7% and everything else at 29.9%. Dominance tends to rise when money retreats to bitcoin, the biggest coin and the easiest to trade in size without moving its price (traders call that being liquid). It tends to fall when traders chase smaller coins, known as altcoins, in stretches crypto traders call "alt seasons." One detail: the total includes stablecoins, about 11% of the market, so dominance can drift down when stablecoin supply grows even if nothing about bitcoin changed.

Stablecoins are tokens designed to stay worth exactly $1, usually backed by cash and short-term Treasury bills held by the issuing company. Traders use them to park money between trades without leaving the crypto system, and to move dollars quickly between exchanges. Their combined value, $289.8 billion on Saturday, led by USDT and USDC, is a rough gauge of how many dollars are held inside the crypto system.

BTC funding is the annualised rate that traders holding leveraged long bitcoin positions on perpetual swaps are paying, +7.1% a year on Saturday. The line underneath gives the neutral level, about 11%, and the open interest, $5.8 billion. The number is green when it is above neutral, red when it is below, and gray when it is within half a point of it. The derivatives section explains why 11%, not zero, is neutral.

BTC implied vol is the options market's estimate of how much bitcoin will move over the next 30 days, as an annualised percentage: 39.3% on Saturday, down 1.9 percentage points from 41.2% a day earlier. Because it is scaled to a full year, 39.3% does not mean bitcoin is expected to move 39.3% this month; the options section shows how to convert it, to about 11% either way over 30 days or about 2% in a day. Ether's was 55.2%. Ether options nearly always price bigger moves than bitcoin's.

CME basis is how far the bitcoin futures contract on CME, the big regulated U.S. futures exchange, trades above the spot price, turned into a yearly rate. It read +5.7% a year, from a contract called /BTCX26 that traded 0.31% above spot.

Below the tiles, a row of links jumps to each section, and the Guide button at the top right jumps to the explainer at the bottom of the page. The bell next to it sets a price alert on bitcoin.

The Live Bitcoin Board

The first section streams bitcoin's price from three large exchanges, Coinbase, Kraken and Bitstamp, as fast as they change. The prices here do not wait for a timer: each update is pushed to your browser as the exchange's price moves. The momentum score is the exception; it is recalculated every 15 seconds.

The Exchange Cards

Each card shows one exchange's bitcoin price, its change over the last 24 hours, a small chart of the last few minutes of price updates (stretched to fill its box, so even a move of a few dollars looks big), and that exchange's 24-hour low, high and volume.

The price is the mid: halfway between the best bid and the best ask. The bid is the highest price any buyer on that exchange is currently offering; the ask is the lowest price any seller will accept. A trade happens when someone accepts one of them. Using the mid rather than the last trade gives a steadier number, because the last trade flips between bid and ask depending on who crossed.

Volume on these cards is counted in bitcoin, not dollars. On Saturday morning Coinbase had traded 6,798 BTC over 24 hours, Kraken 1,916 and Bitstamp 1,201. All three showed nearly the same price, $75,849 to $75,854, which is what you should expect most of the time.

Live Price, Three Exchanges

The chart plots all three exchanges over a rolling 30-minute window. Most of the time the three lines sit on top of each other. Drag across the chart to zoom into a few seconds; double-click to reset.

Cross-Venue Spread

This card measures the gap between the highest and lowest of the three prices, in dollars and in basis points, and names which exchange is highest and which is lowest. On Saturday the gap was $4.45, or 0.6 basis points, with Bitstamp highest and Coinbase lowest. The chart below shows each exchange's price relative to the average of the three, in basis points.

The gaps exist because each exchange has its own order book, the list of buy and sell orders waiting on that exchange (the order books section near the end of the page shows it). Traders who buy on the cheap exchange and sell on the dear one keep the gap small, but moving money between exchanges takes time and costs fees, so the gap never closes completely. It widens during fast moves, when one exchange's buyers or sellers react a moment before the others, and when few orders are waiting near the price. A gap of a few basis points is normal; dozens of basis points means something unusual is happening on one venue. Traders also watch which exchange leads: a persistent premium on a U.S. exchange is often read as a sign of U.S. buying.

Momentum Score

The momentum score boils recent price action into one number from −100 (strongly falling) to +100 (strongly rising), with a label. On Saturday it read −8, labeled "Mild Bear," meaning slightly falling.

Underneath, the score is built from five timeframes: 1 minute, 5 minutes, 15 minutes, 1 hour and 1 day. For each one it looks at three things:

• The return over that timeframe. Each timeframe has its own yardstick for a big move: 0.15% is large over a minute, 4% over a day.
• The RSI, or relative strength index, a standard measure from 0 to 100 of how much of the recent movement has been up rather than down. 50 is balanced. Readings above 70 are often called overbought and below 30 oversold.
• The trend of a fast moving average against a slow one. An exponential moving average (EMA) is an average that gives more weight to recent prices. When the fast one is above the slow one, the price has been rising.

The return counts for half of each timeframe's score, the RSI for about a third and the trend for the rest. (The daily timeframe skips the trend: its return counts for about two thirds and its RSI the rest.) The timeframes are then blended, with the hour weighted most (30%), then the day (25%), 15 minutes (20%), 5 minutes (15%) and 1 minute (10%). The labels run from Strong Bear (−50 or lower) through Bearish (−50 to −20), Mild Bear (−20 to −5), Neutral (between −5 and +5), Mild Bull (+5 to +20) and Bullish (+20 to +50) to Strong Bull (+50 or higher). The number and its bars turn green at +5 or more, red at −5 or less and gray in between. The score is recalculated every 15 seconds.

The rows beneath the gauge show each timeframe's own score, with its return and RSI, so you can see where the reading comes from. Saturday's −8 came mostly from the 15-minute (−16) and hourly (−11) readings; nothing was moving much. The score describes what the price has done. It is not a signal to trade.

The Market Section

This section steps back from bitcoin to a fixed list of 24 major coins. It leaves out stablecoins (which are designed not to move), wrapped tokens (copies of other coins used on other blockchains) and tokens that stand for other assets, such as gold, which crowd the raw rankings.

Market Map

Each box is a coin. Its size is the coin's market value and its color is the price change over the period you pick: 24 hours, 7 days, 30 days or a year. Green is up, red is down, and stronger color means a bigger move.

The map answers one question fast: is a move broad or narrow? When every box is the same color, the whole market is moving together, usually because bitcoin is. When a few boxes stand out, something specific is happening to those coins. Bitcoin's box takes up more than half of the map, which is a reminder of how concentrated the market is. Clicking a box adds that coin to the relative performance chart below, switches that chart to its vs Bitcoin view and scrolls down to it.

Performance

A bar for each coin's price change over the chosen period, with a dashed line marking bitcoin's change. Coins with bars beyond the line did better than bitcoin over that period; coins short of it did worse.

Relative Performance

Lines showing how each coin's price has changed since the start of the window, from one month to three years. Click the coin buttons under the chart to add or remove lines.

The "vs Bitcoin" switch changes the yardstick from dollars to bitcoin. Many crypto investors judge a coin by whether it beat simply holding bitcoin, and this view answers that directly: a coin up 10% in dollars while bitcoin rose 15% shows as a loss against bitcoin.

Moves With Bitcoin?

This table ranks the coins by how closely their daily moves followed bitcoin's over the last 90 days. The first number is the correlation; the second is the beta.

On Saturday ether had a correlation of 0.91 and a beta of 1.23: it moved the same way as bitcoin on most days, and on average it moved 1.23% for each 1% move in bitcoin. XRP's correlation was 0.89 with a beta of 1.53. At the bottom, TRON's correlation was 0.03, close to no relationship at all.

The two numbers answer different questions. Correlation says how reliably a coin moves the same way as bitcoin. Beta says how far it moves, on average, for each 1% bitcoin move, and it mixes two things: how closely the coin follows bitcoin and how volatile the coin is. Dividing beta by correlation separates them, giving the coin's volatility relative to bitcoin's. BNB, at 0.75 and 0.75, was exactly as volatile as bitcoin over those 90 days; its beta is below 1 only because it followed bitcoin less closely. Ether's daily swings were about 35% bigger than bitcoin's (1.23 ÷ 0.91), but because it does not follow bitcoin perfectly, its beta comes out lower, at 1.23.

The card's footnote puts the main lesson plainly: most altcoins are bitcoin with extra volatility. By these numbers, a basket of altcoins has behaved much like a bigger position in bitcoin: on bad days for bitcoin, most of them fell further.

Spot Bitcoin and Ether ETFs

ETF stands for exchange-traded fund. Spot ETFs are funds that trade on the stock exchange like any share and hold the actual coins, bitcoin or ether, rather than derivatives. The first U.S. spot bitcoin ETFs began trading on January 11, 2024, and the first spot ether ETFs on July 23, 2024. They are now the main way traditional investors, from individuals in a brokerage account to pension funds and advisers, buy crypto, so the money moving through them is one of the most watched numbers in the market.

Where a Flow Comes From

When you buy shares of an ETF on the stock exchange, you usually buy them from another investor, and the fund itself does nothing. The fund only changes size through a few large dealers called authorized participants. When demand for the shares is strong, a dealer creates new shares: it gives the fund cash, which the fund uses to buy bitcoin, or bitcoin itself, and receives new shares to sell. When demand is weak, a dealer redeems shares: it hands shares back and receives cash or bitcoin from the fund. A flow is that change: new shares created minus shares redeemed, valued at the fund's net asset value per share (NAV), the value of the bitcoin behind each share.

That makes flows a measure of real buying and selling of the underlying coin, not just shares changing hands. A day of $500 million in net inflows means the funds, together, took in about $500 million of bitcoin.

The Daily Net Flows Chart

Each bar is one trading day's net flow, stacked by issuer for bitcoin: BlackRock's IBIT, Fidelity's FBTC, Grayscale's GBTC, Bitwise's BITB and the rest together. The line is the running total over the window. Switches above the chart change the coin (bitcoin or ether), the unit (dollars or coins) and the window (one month to all history since launch).

Over the three months to November 4, the bitcoin funds took in $9.1 billion on their inflow days and paid out $4.5 billion on their outflow days, a net $4.66 billion. Inflows came on 41 of the 65 trading days. The biggest single day was $1.10 billion in on September 21; the biggest out was $666 million on October 30.

How Flows Are Counted

The page builds flows two ways and merges them.

For IBIT, FBTC and BITB, it uses each fund's own daily count of shares outstanding, which every fund publishes each business day. The change in shares from one trading day to the next, times the fund's NAV, is the flow. Issuers date their counts differently: BlackRock's and Fidelity's count for a date already reflects the previous trading day's creations, while Bitwise's reflects the same day's. The page lines each change up with the trading day that caused it. On days the daily tally described next has not yet reached, ARKB's and EZBC's counts are added the same way.

The other funds come from a daily tally that measures each fund's holdings in bitcoin. The page values each day's change at that day's closing bitcoin price. That tally sometimes runs a few days behind and occasionally reports two days together, which shows up as one unusually large bar.

Bars drawn faded are days counted from only some funds. Most are days the tally skipped: those stay faded, and the other funds' flows for that day are counted in a neighbouring day's bar. A faded bar on the latest day can also mean the tally has not reached it yet; that one fills in when it does.

The practical result: the latest day on the card is usually one to three trading days old. On Saturday morning the latest complete day was Wednesday, November 4. A day's flows reach the page the following evening at the earliest, once the next day's share counts are out, and often the morning after.

The Flow Summary

The side panel adds the flows up over several windows, in dollars and in coins:

• Latest day (November 4): +$16 million, +200 BTC
• Last 5 days, meaning the last five trading days: −$1.08 billion, −14,041 BTC
• Last 30 days, the last 21 trading days: −$1.11 billion
• 2026 to date: −$264 million, −17,079 BTC
• Since launch: +$52.54 billion, +614,579 BTC
• Streak: 1 day of inflows

The 2026 line holds a small lesson. In dollars, the funds are almost flat for the year. In bitcoin, they hold 17,079 fewer coins than in January. The gap is timing: on 2026's inflow days money came in at an average of about $76,500 a coin, and on outflow days it left at about $73,300. More coins left than arrived, but they left when each one was worth less.

Below the totals, the panel lists the latest day fund by fund, in millions of dollars. On November 4, FBTC took in $236.7 million while IBIT lost $201.2 million. Funds often move in opposite directions on the same day, so a quiet total can hide a lot of activity. Two entries confuse newcomers:

• BTC in this list is a ticker: Grayscale's Bitcoin Mini Trust, not the coin.
• GBTC often shows a small outflow, from a few hundred thousand dollars to about $2 million, on days when it saw no redemptions. That is most likely the fund's management fee, which comes out of its bitcoin and so appears in a tally that counts coins. Its real redemptions are bigger: tens of millions of dollars on a busy day.

GBTC also explains why the since-launch total is smaller than the money that went into the newer funds. GBTC was not a new fund in January 2024: it was an existing trust, holding bitcoin for investors who had been unable to redeem for years, that converted into an ETF. When it did, many of those holders left, and its outflows since launch are very large.

Ether

The Ether switch shows five funds: BlackRock's ETHA, Fidelity's FETH, Bitwise's ETHW, 21Shares' TETH and Franklin Templeton's EZET. ETHA, TETH and EZET are covered since launch; FETH from October 9, 2026 and ETHW from November 2026, when the page's records of their share counts begin. Grayscale's and the other issuers' ether funds are not included, so the ether totals cover these five funds only. The since-launch row is ETHA alone: $11.73 billion and 3.02 million ether since July 23, 2024.

21Shares and Bitwise report a day ahead of the other issuers, so the latest ether day sometimes covers only those funds, and the panel names them in parentheses. Link straight to the ether view with /crypto?etf=eth.

Bitcoin Stocks

Not everyone who owns bitcoin through the stock market owns an ETF. This section covers the listed companies that keep bitcoin on their balance sheets, the miners that produce it, and the exchanges and brokers where it trades, in three tabs.

Holders

The table lists the U.S.-listed companies with the most bitcoin. For each one:

• Bitcoin is the number of coins held, as last reported by the company.
• Worth is those coins at the current price.
• Market cap is the value of all the company's shares.
• mNAV is market cap divided by the value of the bitcoin.
• Day and 1M are the stock's moves over the day and the past month.
• Beta is how far the stock has moved for each 1% move in bitcoin over the last 90 days.

Strategy, the largest holder by far, reported 849,327 bitcoin, worth $64.5 billion on Saturday, against a market cap of $54.6 billion. That gives an mNAV of 0.85×.

mNAV asks what investors are paying for each dollar of bitcoin inside the company. Above 1×, the shares cost more than the coins behind them. That premium has historically come from the company's ability to sell new shares and use the money to buy more bitcoin, adding coins per share as long as the shares trade above the value of the coins. Below 1×, the shares trade at a discount, and selling new shares to buy bitcoin would reduce the bitcoin behind each existing share instead of adding to it.

An example makes this concrete. Take a company with 100 shares and 100 bitcoin, one coin behind each share. At an mNAV of 2×, each share sells for the value of two coins, so selling 10 new shares raises enough to buy 20 coins: 120 coins behind 110 shares, about 1.09 coins a share. At 0.85×, the same 10 shares raise only 8.5 coins: 108.5 coins behind 110 shares, about 0.99 coins a share.

Two cautions. First, the page's mNAV leaves out debt and preferred stock. Strategy has raised billions through both, and those holders are paid before common shareholders, so an mNAV below 1× does not mean the stock is a cheap way to buy the coins. Versions of mNAV built on enterprise value, which add debt and preferred stock to the market cap, read higher. Second, mNAV only appears where bitcoin is at least a quarter of the company's value and the share count looks current. For Coinbase, Tesla and Block, and for the miners Hut 8 and Riot Platforms, bitcoin is less than a quarter of the company's value, so the ratio would say little and shows as a dash. For a couple of tiny companies whose reported share counts look out of date, it is hidden too.

Beta shows how far each stock has moved, on average, for each 1% move in bitcoin. Strategy's was 1.8: it has moved nearly twice as much as bitcoin, in both directions. Tesla's was 0.5.

Miners and Platforms

The Miners tab lists bitcoin miners by market value, with the bitcoin they hold, their moves over the day, month and year to date, and beta. Miners earn bitcoin and many keep some of it, so their shares have tended to move like leveraged bitcoin. That has loosened: several miners now rent their power connections and buildings to AI data centers, and their betas have dropped. Hut 8's was 0.6 on Saturday. Some miners show 0 bitcoin, including the largest by value, IREN: not every miner keeps the coins it mines, and some sell them as they go.

The Platforms tab ranks publicly traded exchanges, brokers and other companies with large crypto businesses by market cap, such as Coinbase, Robinhood, Circle (the issuer of the USDC stablecoin) and Galaxy Digital, by market cap.

On Balance Sheets

The side panel totals every listed company that reports bitcoin holdings, 153 of them in the U.S. and abroad. Together they held 1,228,064 bitcoin, 5.8% of the 21 million that will ever exist, worth $93.2 billion. Strategy alone held 69% of that. Five of the eight holders in the table with an mNAV traded below the value of their bitcoin, and miners together held 98,422 coins.

The Bitcoin Network

This section shows the machinery behind bitcoin itself: how much computing power secures it, what miners earn, and what it costs to send a payment.

How Mining Works, Briefly

Bitcoin records payments in blocks, one roughly every 10 minutes. To add a block, a miner must find a number that, run through a scrambling function called a hash, produces a result below a target. There is no shortcut: miners just guess, and together they make about a thousand billion billion guesses every second. The first to find a valid answer adds the block and collects the reward. The reward is newly created bitcoin, currently 3.125 BTC a block, plus the fees attached to the payments in the block.

Hashrate and Difficulty

Hashrate is the number of guesses the whole network makes per second. It is counted in exahashes a second (EH/s): an exahash is a billion billion guesses. On Saturday the 7-day average was 1,036 EH/s, up 7% in 30 days. Nobody reports hashrate directly; it is estimated from how quickly blocks are being found, which is why the page uses a 7-day average to smooth out luck.

Difficulty sets how hard the target is. Every 2,016 blocks, about two weeks, the network resets it: up if blocks came faster than one every 10 minutes, down if slower. This keeps new bitcoin arriving on schedule no matter how much hardware joins. The panel estimated the next change at about −3.8% in 816 blocks, around November 13, after a +5.5% change on October 29. The chart plots hashrate against difficulty. To put both on one axis, difficulty is shown as the hashrate that would find exactly one block every 10 minutes at that setting, so where the hashrate line runs above it, blocks have been coming faster than planned. The full history uses a log scale, where each step up the axis is the same percentage increase rather than the same amount. Buttons above the chart switch it to hashprice history and pick one year (the default), three years or the full history; only the full history is drawn on the log scale.

Hashprice

Hashprice is what a fixed amount of mining power earns in a day: the dollars that one petahash a second (a thousand trillion guesses a second) brings in over 24 hours, at the day's difficulty, fees and bitcoin price. On Saturday it was $32.42, down 17% in 30 days. A single modern mining machine produces a few hundred terahashes a second, so it takes a handful of them to make one petahash.

Hashprice falls when difficulty rises (more competition for the same reward) or when bitcoin's price falls. It is the number that decides whether miners can pay their electricity bills, and squeezed hashprice since the last halving is one reason miners have been turning to AI hosting.

Fees and the Mempool

The rest of the panel:

• Fee for the next block: 1 sat/vB, about $0.11 a payment. Each block has limited room, and each payment takes up some of it, measured in virtual bytes (vB). Senders offer a fee per vB and miners fill blocks with the best offers first, so the fee depends on how much room a payment takes, not on how much money it sends. A simple payment, one coin in and two out (the amount sent plus the change returned to the sender), takes about 141 vB, so at 1 sat/vB its fee is 141 sats.
• Waiting to be mined: 51,426 payments, about 12 blocks' worth. This waiting area is called the mempool. When it is long and fees are high, people are competing for space.
• Fees in miners' revenue: 0.8% over the last 144 blocks, about a day. Nearly all of what miners earn is still the new-coin reward, not fees.
• Block height: 974,927, the number of blocks since bitcoin began in January 2009.
• Next halving: about April 2028, in 75,073 blocks.

The Halving

Every 210,000 blocks, about every four years, the new bitcoin paid per block is cut in half. It started at 50, became 25 in 2012, 12.5 in 2016, 6.25 in 2020 and 3.125 in April 2024. The next halving takes it to 1.5625.

The schedule is why bitcoin's supply is capped: the halvings add up to just under 21 million coins in total. About 20.1 million have been issued so far, and 93.75% of the total had been issued by the 2024 halving. Overnight, a halving cuts miners' revenue from new coins in half, which is why hashprice drops at each one unless the price or fees make up the difference.

Perpetual Swaps and Funding

Most crypto leverage runs through a contract called a perpetual swap, or perp. It is a futures contract with no expiry date. Traders can go long or short with leverage, and hold the position as long as they like.

Funding, and Why 11% Is Neutral

A normal futures contract converges with the spot price because at expiry it settles at spot. A perp never expires, so something else has to hold its price near spot. That something is funding: a payment between longs and shorts every few hours. When the perp trades above spot, longs pay shorts. Holding a long then costs money and holding a short earns it, so some longs close their positions by selling and some traders open new shorts, and that selling pulls the perp's price back toward spot. When it trades below spot, shorts pay longs and the same thing happens the other way.

Funding is not zero when the perp trades exactly at spot. Most venues build in a small interest charge, typically 0.01% every eight hours, which longs pay even when the two prices match. Annualised, that is 10.95% a year, and that is why the page marks about 11% as neutral rather than zero.

So read funding against that line:

• Around 11%: balanced. Nothing unusual.
• Well above 11%, say 20 to 30% a year or more: longs are paying up to hold leveraged positions. That is a crowded trade: if the price drops, many of those longs can be forced out at once.
• Below 11%: shorts are pushing the perp under spot, or demand for leveraged longs is weak.
• Negative: shorts are paying longs to stay short. Deeply negative funding has come during sharp sell-offs, sometimes near the low, but not reliably enough to mark one.

Funding Rates and Funding History

The Funding rates card shows each coin's current funding, averaged across the two large venues the page tracks, with the neutral line dashed. The bars are colored against that line, as on the top tile, not against zero: green above about 11%, red below it, gray within half a point. So a red bar can still be positive funding; on Saturday 20 of the 22 bars were red, though only three coins had negative funding. Hover a bar to see each venue separately. The venues can disagree a lot: on Saturday bitcoin's funding was 10.95% on one and 3.2% on the other, for an average of 7.1%. Different venues have different traders and pay funding on different schedules; the page annualises all of them so they can be compared.

The Funding history card plots the average for one coin, picked from a menu (bitcoin, ether, Solana, XRP, Dogecoin or HYPE), over one month, three months or a year, with shading for the range across the two venues. Beyond a month, it shows 8-hour averages. On this chart the line turns red only when funding falls below zero, not below the 11% line as on the bars above.

Over the past year (one venue until late June 2026, when the page's records of the second begin, and two after) bitcoin funding sat below the neutral rate on 98% of days, and more than half a point below it, the page's red zone, on 87%. It averaged about 5% a year. It was negative on 58 days and reached −15% on February 7, 2026, during a sharp sell-off. Its highest daily average was 17%, in early January, short of the 20% and higher readings that mark a crowded rally. In plain terms, demand for leveraged long positions was weak for most of the year.

The chart here plots daily averages. The page's one-year view plots 8-hour averages, which swing further: there the February low is about −42% and the early-January high briefly passes 20%.

Perpetual Open Interest

Open interest is the total value of perp positions still open. Every open contract has a long and a short, so open interest counts each pair once. The card shows it for the 16 coins with the most open interest. The bars are dollars on a log scale, where each gridline is ten times the one below, so read the labels rather than comparing heights: bitcoin's $5.8 billion was about seven times Solana's $0.8 billion. The dots, read on the right-hand axis, are open interest as a share of the coin's market value.

That share is a measure of how leveraged a coin is. Bitcoin's $5.8 billion on the two venues was 0.4% of its market value on Saturday; ether's $3.7 billion was 1.4% of its. Smaller coins often carry far more leverage relative to their size, which is part of why they move more.

Two notes. The figures cover only the two venues the page tracks, so the market-wide total is larger; use the card for comparisons between coins and over time, not as a market total. And open interest says nothing on its own about direction. Rising open interest with rising funding is leverage building on the long side. A sudden drop in both is usually positions being closed by force, which is what the liquidations card measures.

CME Futures and the Basis

CME, the Chicago exchange, lists regulated bitcoin and ether futures that institutions such as hedge funds and asset managers use. Unlike perps, these contracts expire: each one settles on the last Friday of its month. Since May 2026 they trade around the clock, like the coins themselves.

The contract code tells you which month. In /BTCX26, BTC is bitcoin, X is the futures industry's letter for November and 26 is the year. It expires on Friday, November 27.

The basis is how far the future trades above spot. On Saturday the November contract was 0.31% above spot with about 20 days left. Scaled to a year, that is about 5.7%, the figure on the top tile and in the Positioning panel.

The basis is the return on a trade called cash-and-carry. A fund buys one bitcoin at about $75,900 and, at the same moment, sells one bitcoin's worth of the November future, locking in the futures price, about 0.31% higher, for November 27. CME's contracts settle in cash, so on that day nothing is delivered: the fund gains on the future if bitcoin is below the locked-in price and loses if it is above. Whether bitcoin is then at $60,000 or $90,000, the gain or loss on the coin is matched by the opposite loss or gain on the future, and the fund keeps the 0.31% it locked in. Because the result does not depend on where bitcoin goes, the trade behaves like interest on cash. Hedge funds have run this trade at scale, often buying the spot ETFs and selling CME futures, which also means some ETF inflows are hedged positions, not bets that bitcoin will rise.

The basis reads demand for leveraged long exposure among institutions. A high basis means buyers are paying up for it. A basis near or below what Treasury bills pay means the trade earns little more than cash, a sign that demand for leveraged long exposure is weak.

Options and Implied Volatility

What an Option Is

An option is a contract that gives its buyer a right but not an obligation. A call is the right to buy at a set price, the strike, on a set date, the expiry. A put is the right to sell at the strike. The buyer pays the seller a price for this, called the premium. A call with a $90,000 strike pays off only if bitcoin ends above $90,000; a put with a $60,000 strike pays off only if it ends below $60,000.

An option is in the money when using it now would pay something: a call with a strike below the current price, or a put with a strike above it. It is out of the money when it would pay nothing, like the $90,000 call and the $60,000 put with bitcoin near $76,000. At the money means the strike is close to the current price.

Puts work like insurance: an investor who owns bitcoin and buys a put has limited how much they can lose. Calls let someone bet on a rise while risking only the premium. The sellers collect premiums and carry the risk.

Implied Volatility

The price of an option depends mostly on one unknown: how much the price will move before expiry. Bigger expected moves make options more valuable. Implied volatility is the expected size of moves that today's option prices assume, worked backwards from those prices with a pricing model. It is quoted as an annualised standard deviation, the typical size of a move.

Turn it into something concrete like this. Moves do not add up in a straight line over time, because up days and down days partly cancel. The typical move over a stretch grows with the square root of its length: four times as many days gives about twice the typical move, not four times. Crypto trades every day of the year, and the square root of 365 is about 19, so divide implied volatility by 19 to get a typical one-day move. For a 30-day move, multiply by about 0.287, the square root of 30/365. On Saturday:

• One day: 39.3% ÷ 19.1 ≈ 2.06%, or about $1,560 at $75,900.
• 30 days: 39.3% × 0.287 ≈ 11.3%.

Under a plain bell curve on log prices, about two outcomes in three would land within one of those 30-day moves either way, here between about $67,700 (10.7% down) and $84,800 (11.9% up); measuring moves in log terms makes the dollar range a little lopsided. About 95% would land within two, between about $60,500 and $95,000. Real option prices put more weight on big moves than a bell curve does, especially big falls, so read the picture as a sense of scale, not a forecast. (Stocks trade about 252 days a year, so for them the rule is to divide by about 16.)

The Implied Volatility Card

This card plots a 30-day implied volatility index for bitcoin and one for ether, each worked out from a broad set of options. It is crypto's version of the VIX, the better-known index for the S&P 500. Over the last year bitcoin's index ranged from 34% to 83% and ether's from 46% to 96%. Spikes come in sell-offs, when demand for puts surges.

Term Structure

The term structure plots at-the-money implied volatility (for options with strikes near today's price) by time to expiry, for bitcoin or ether. The horizontal axis is stretched so the nearest dates get more room, and a bigger dot means more options are open at that expiry. Normally the line slopes upward, because calm stretches are expected to end and sellers of longer-dated options charge extra for not knowing how volatile the market will become. An inverted curve, with short-dated volatility above long-dated, means the market is braced for something soon.

Saturday's bitcoin curve showed a weekend effect at the front. Monday's expiry priced 23% and Tuesday's 30%, before the curve settled at about 36.6% for expiries one to three weeks out and climbed slowly to about 40% for September 2027. An option expiring Sunday priced just 16%, but it was less than a day away, which is too close for the chart to draw. Weekends tend to be quieter, and options covering mostly weekend hours price that in.

Open Interest by Strike and Max Pain

This chart shows how many calls and puts are open at each strike for the main upcoming expiry, chosen as the one with the most open interest within the next 45 days. Open interest here is counted in coins. On Saturday the main bitcoin expiry was November 27.

The bars show where positions cluster. Calls were stacked at round numbers above the price: $90,000 (4,523 BTC), $100,000 (3,051) and $85,000 (2,448). Puts clustered below it, most at $58,000 (4,064) and $75,000 (3,174).

Max pain is the settlement price at which all of those options together would be worth the least, meaning option buyers as a group would lose the most and sellers keep the most. For November 27 it was $80,000, against a spot price near $76,100. Some traders believe prices drift toward max pain into expiry, as sellers hedge. The evidence for that is mixed, and the page marks it as a reference point, not a prediction.

Positioning

The Positioning panel lists the key derivatives readings for the coin selected in the term structure card. For bitcoin on Saturday:

• Implied vol (30d): 39.3%, down 1.9 points in a day.
• ATM IV, ~30 days: 36.5%, the at-the-money volatility of the expiry nearest 30 days out. It usually sits a little below the index, because the index also counts out-of-the-money options, which tend to carry higher volatility.
• 25Δ risk reversal: −3.9. See below.
• Put/call, open interest: 0.69, meaning about 69 puts open for every 100 calls.
• Put/call, 24h volume: 0.48 for the day's trading.
• Options open interest: $25.7 billion, on one options exchange.
• CME basis: +5.7% a year.
• Perp funding: +7.1% a year.

The risk reversal compares the price of insurance on both sides. The 25Δ in its label is read 25-delta, Δ being the Greek letter delta. Delta is a number from 0 to 1 that roughly gives an option's chance of ending in the money, so a 25-delta option has about a one-in-four chance of paying off. A 25-delta call has its strike some way above the price and a 25-delta put a similar distance below, so the two are a fair pair to compare. The risk reversal is the call's implied volatility minus the put's. A negative reading, like Saturday's −3.9 points, means puts cost more than equally distant calls: investors are paying extra for protection against a fall. A positive reading means traders are paying up for upside.

The put/call ratio needs care. Every open option has a buyer and a seller, so a large number of open calls does not mean the market is bullish; somebody sold each of those calls. Many open options are also hedges, or one piece of a combination of several options. Read the ratio as a description of where activity is, alongside the risk reversal, which is a price and harder to misread.

Implied Against Realised Volatility

This card compares two numbers: what the options market charges for the next 30 days (implied) and how much the price actually moved over the last 30 full days (realised), both annualised. You can switch between bitcoin and ether and between three months, a year and three years.

The gap is the volatility premium. Over the last three years bitcoin's implied volatility sat above realised on 73% of days. The reason is the same as for any insurance: option sellers take on the risk of a sudden move and want to be paid for it, so they charge a little more than the moves usually turn out to be.

The side panel gives the current numbers. On Saturday implied was 39.3% and realised 36.6%, a premium of +2.7 points, against an average of +1.4 points over the past year, when implied was higher on 67% of days.

When the premium turns negative, the market is moving more than options had priced and the people who bought protection were paid well. That happens in sharp sell-offs. In February 2026, realised volatility reached 83% while implied was 52%, a gap of 31 points.

The Bitcoin history section further down shows a figure called HV 30D, another measure of realised volatility. It is calculated a little differently, so it can differ from this card's by a few tenths of a point.

Liquidations

When a leveraged trader's losses eat through the money they put up, the exchange closes the position by force. That is a liquidation.

Take a trader who goes long one bitcoin at $76,000 with 10 times leverage, putting up $7,600. If bitcoin falls about 10%, the loss equals the whole $7,600. Exchanges do not wait for that: they liquidate a little before, when the remaining money falls below a minimum, so a 10 times long is typically closed after a fall of somewhat less than 10%. At 20 times leverage, it takes a fall of less than 5%.

Liquidations push the price further in the direction it was already going. A liquidated long is a forced sale; a liquidated short is a forced purchase. In a fast fall, the forced selling knocks the price down to the next group of liquidation levels, and so on. That chain reaction is called a liquidation cascade, and it is behind many of crypto's sudden drops and spikes.

The card shows how much was liquidated each hour, longs and shorts in different colors, for bitcoin, ether or Solana, over 24 hours or 7 days. Times are shown in UTC until the page loads, then in your time zone. In the 24 hours to Saturday morning:

• Longs liquidated: $10.3 million, 73% of the total
• Shorts liquidated: $3.8 million
• Positions closed: 1,089
• Busiest hour: $5.8 million, 10 AM Eastern on Friday, November 6
• Largest single liquidation: $949,000, a long, at 10:05 AM

Read the card with two limits in mind. It covers one large derivatives venue, so it is a sample of the market, not the total; venues it cannot read are larger. And that venue posts its liquidations about an hour late, so the most recent hour is filled in on later updates.

A run of long liquidations means leveraged buyers are being forced out. Very large long liquidations sometimes mark the moment forced selling runs out, but not reliably.

The All Coins Table

The table lists the 24 coins with live prices, ranked by market cap. Its columns:

• Price, streamed about once a second.
• 1h, 24h, 7d, 30d, 1y: price changes over each period. All but the 1h figure move with the live price.
• Market cap, which also moves with the price, and Volume 24h, refreshed every five minutes.
• Funding: the coin's perp funding, annualised and colored against the 11% neutral level (green above, red below). A dash means the page does not track a perp for that coin.
• Open int.: perp open interest on the two venues the page tracks.
• vs ATH: how far the price sits below its all-time high. Hover to see the high and its date.
• 7 days: a small chart of the last week.

Click a column header to sort. Click a row to add that coin to the relative performance chart (in its vs Bitcoin view), click the coin's name to open its own page, and use the bell to set a price alert.

The vs ATH column shows how far most coins still sit below their highs. On Saturday bitcoin was 40% below its high, ether 55%, Cardano 94%, Avalanche 94% and Polkadot 98%. Coins that reached their highs in earlier booms can stay far below them for years. Meanwhile the 1y column showed how differently coins can behave over the same year: bitcoin −25%, Zcash +110%.

Order Books

Order-Book Depth Near Spot

An exchange's order book is the list of all the orders waiting to be filled: bids from buyers below the current price and asks from sellers above it. Someone who wants to buy right away takes the cheapest asks first, then the next cheapest, and so on.

The depth chart shows the resting orders within 0.3% of the current price, about $230 either side at $76,000, on Coinbase, Kraken and Bitstamp, stacked by exchange. Bids are on the left, asks on the right, and price runs up the side. It updates a few times a second. Thick bars mark prices where a lot of size is waiting, which can slow a move through that level.

Near-Touch Liquidity

The side panel totals that resting size. On Saturday there were 331.6 bitcoin of bids and 309.1 of asks within 0.3% of the price across the three exchanges, a 4% tilt toward bids. By exchange, Kraken had 205.1 bitcoin of bids and 180.9 of asks, Coinbase 87.1 and 75.0, Bitstamp 39.5 and 53.2.

Notice that Kraken had more size waiting near the price than Coinbase, even though Coinbase had traded about three and a half times as much bitcoin over the previous 24 hours. Resting size and trading volume measure different things.

Keep the limits in mind. Orders can be cancelled in a fraction of a second, so an imbalance can vanish before anyone trades against it. Large traders often split orders or keep them hidden, so the visible book understates what is really there. And a tilt toward bids does not mean the price will rise; it is a picture of who is waiting, not of who will act.

Prediction Markets

Odds by Strike on Kalshi

Kalshi is a U.S. exchange, regulated by the Commodity Futures Trading Commission, where people trade contracts on whether events happen. Each contract pays $1 if the answer is yes and nothing if it is no. So a contract trading at 26 cents implies a 26% chance.

The ladder shows Kalshi's bitcoin markets for the nearest settlement time, which is often within the hour. Each row is a strike, and the probability is the market's price for bitcoin settling at or above that strike. Beside it are the volume traded and the open interest, both in contracts. Prices stream live while the page is open.

At 6:24 AM Saturday, the ladder for the 7:00 AM settlement read 83% for $75,800 or above and 26% for $75,900 or above, with spot at $75,849 marked between them. The point where the probability crosses 50% is roughly where the market expects bitcoin to settle, here about $75,860, right at the spot price. With about half an hour to go, bitcoin rarely moves more than a couple of hundred dollars, so strikes much further away sit near 0% or 100%. The strikes with the most volume show where traders are most active.

Bitcoin Targets on Polymarket

The Polymarket panel lists dated bitcoin price markets closest to the current price, such as "Will the price of Bitcoin be above $76,000 on November 7?", which stood at 50%.

Read the wording of each market carefully. Different markets settle at different times and on different reference prices, so questions that sound alike can have very different odds: Kalshi's 7:00 AM ladder put $76,000 or above at 3.5% while Polymarket's market for November 7, which settles later in the day, put it at 50%. A "dip to" market, like "Will Bitcoin dip to $75,000 on November 7?" (11%), pays if the price touches the level at any point, which is a different question from where it ends up.

A price of 1% or 99% is close to a sure thing but not quite one. Trading costs and the time value of money keep contracts from trading at exactly 0 or 100 even when the outcome is all but settled, and the Polymarket panel leaves out markets priced within a point of either end for that reason.

Year-End Odds: Options vs Kalshi

This card puts two markets side by side to answer one question: where will bitcoin, or ether, be when 2026 ends?

Kalshi runs a market that splits the possible year-end price into $5,000 ranges for bitcoin, reaching well beyond today's price in both directions. The card folds the end ranges that both measures price under 1% into one row at each end, which on Saturday meant below $40,000 and $110,000 or more. It settles at midnight Eastern as December 31 ends. The page measures the chance of each range two ways:

• Kalshi: the midpoint of each range's bid and ask, scaled so that all the ranges add up to 100%.
• Options: the chances that option prices imply for the same moment. Options on bitcoin trade at many strikes for each expiry. Comparing the prices of options at neighboring strikes shows how much traders pay for the price to finish between them, and that turns into a chance for every range. The page does this through the smile, the pattern of implied volatility across strikes, which it smooths for each expiry. It then reads the odds for midnight on December 31 from the two expiries either side of it, December 25 and January 29.

The side panel turns those into a few plain lines. On Saturday:

Chance bitcoin ends 2026 above	Kalshi	Options
$60,000	90%	93%
$80,000	41%	36%
$100,000	7%	3%
Median price	$77,400	$76,400

The two markets agreed on the middle: a median price within about $1,000 of each other. They disagreed on the ends. Kalshi gave the price 3.4% odds of ending at $110,000 or more and 2.2% of ending below $40,000; options gave 0.8% and 0.6%.

There are several reasons the two can differ, and the card does not pick one:

• Option prices are not pure forecasts. They include what buyers pay for protection, which is why the downside in option prices is usually fatter than the upside.
• Betting markets tend to overprice long shots. A few cents for a big payoff appeals to bettors, and selling those contracts ties up money for a small gain, so prices on unlikely outcomes often sit above their real chances. This pattern has been seen in sports betting for decades.
• Different people trade them. Option markets are dominated by professional traders and funds; prediction markets draw a wider crowd.
• Thin ranges have wide spreads. On rarely traded ranges, the midpoint of a wide bid and ask is only a rough price.

Where the two agree, the price reflects a broad consensus. Where they disagree, mostly in the tails, it is a reminder that unlikely outcomes are hard to price. The footnote under the panel gives the volatility options imply to the settlement date at the money, 38% on Saturday. The BTC and ETH switch changes the coin; the ether market had 18 ranges.

Bitcoin History

The last section zooms out from today to more than ten years of daily prices.

The Daily History Chart

The chart shows one candle per day back to July 2015. A candle has a body from the day's opening price to its closing price, green when it closed higher and red when it closed lower, and thin lines (wicks) out to the day's high and low. Volume runs along the bottom. Buttons pick 90 days, one, two or five years, or the whole history; drag to zoom and double-click to reset.

The Indicators menu adds the standard technical studies that the site's stock quote pages carry:

• Moving averages (SMA 20, 50 and 200; EMA 12 and 26) smooth the price. The 200-day average is the most watched; many traders treat a price above it as an uptrend.
• Bollinger Bands draw lines two standard deviations above and below a 20-day average. They widen when the price is volatile and narrow when it is calm.
• Fibonacci retracement draws lines at fixed fractions (23.6%, 38.2%, 50%, 61.8% and 78.6%) of a big move, which some traders watch as levels where a pullback might pause.
• RSI (14), the same strength measure as in the momentum score, on daily closes.
• MACD compares two moving averages; its line crossing its signal line is read as a change in momentum.
• Stochastic and Williams %R show where the close sits within the recent high-to-low range.
• ADX/DMI: the ADX line measures how strong a trend is, whichever way it points; the +DI and −DI lines show which way, with +DI above −DI meaning upward pressure.
• ATR (14) is the average daily range, a plain measure of how much the price moves.
• OBV (on-balance volume) adds up volume on up days and subtracts it on down days.

The strip under the chart summarises where those readings stood. On Saturday: RSI 39.4 (neutral), MACD showing "Bearish cross" (its line sits below its signal line, though the lines may have crossed weeks ago), the price below its 50-day average ($81,878) but above its 200-day ($73,188), an ADX of 19.3, which the strip labels "range" (it calls readings under 20 a range, 20 to 25 a weak trend, 25 to 40 a trend and 40 or more a strong trend), and HV 30D, the realised volatility of the last 30 days, at 36.2%. Like the momentum score, all of this describes what the price has done.

Monthly Returns

The table shows bitcoin's return in every calendar month since July 2015, from one month's last daily close to the next, in UTC. Green cells are gains and red cells are losses, shaded by size. The last column is the whole year. The current month runs to the live price and is left out of the averages. Two rows at the bottom give each month's average and how often it closed higher.

The table is good for perspective and easy to over-read. October has the best record: an average of +16.9%, higher in 75% of years. Yet October 2026 fell 7.3%. Each month has only 11 or 12 results, and one huge month, such as May 2017's +66%, can carry an average on its own. The year column makes the same point about scale: +1,324% in 2017, −73% in 2018, −64% in 2022, and −13% so far in 2026.

Drawdown From All-Time High

This chart shows how far bitcoin's daily close sat below its highest close up to that day. Zero means a new high.

On Saturday bitcoin was 39.1% below its record close of $124,720 on October 6, 2025, 397 days earlier. The deepest fall in the data was 84%, reached on December 15, 2018. Bitcoin has fallen more than 50% from a high four times since 2015: 84% from December 2017, 53% in mid-2021, 77% from November 2021, and 53% from the October 2025 high at its low on June 30, 2026.

Recoveries have taken a long time. The December 2017 high was not passed again until November 2020, almost three years later. The November 2021 high took until March 2024. The 2021 fall was the exception, recovered in about six months. The chart shows how deep, and how long, each past fall was.

Halving Cycles

Some traders think of bitcoin in four-year cycles tied to the halvings. Three cycles are too few to tell a pattern from a coincidence, and the market has changed since, with ETFs and companies now holding large amounts. For the record: after the 2016 and 2020 halvings, bitcoin peaked about 17 and 18 months later and then fell by more than 75%. After the 2024 halving, its highest close so far came in October 2025, 18 months on.

The chart lines up the three cycles in the page's daily history from each halving day, with each one's price divided by its price on that day, on a log scale. On a log scale equal distances mean equal percentage moves, so a doubling looks the same size at $1,000 as at $100,000. (The 2012 halving comes before the daily history begins.)

The side panel reads the current cycle against the earlier ones at the same point. On Saturday, 931 days after the April 20, 2024 halving, bitcoin was up 17% from its halving-day price of $64,969. At the same point, the 2020 cycle was up 89% and the 2016 cycle 441%. This cycle's high was +92%, on October 6, 2025, and the price was 39% below it.

Each cycle's high has been much smaller than the one before: about 30 times the halving-day price in the 2016 cycle, 8 times in 2020 and, so far, about 2 times in the 2024 cycle. The card itself notes that three cycles are a small sample and none is a forecast.

Bitcoin and Other Markets

The last card tracks the correlation of bitcoin's daily returns with the S&P 500, the Nasdaq 100, gold and the U.S. dollar, over rolling windows of the last 30 or 90 trading days, about six weeks or four months. Range buttons show the last year, five years (the default) or the whole history; pick All to see the years before 2020. Each market is followed through a large fund that tracks it: SPY, QQQ, IAU and UUP. Correlations are counted only on days U.S. stocks trade, and the dollar series starts in 2021.

On Saturday, over 90 trading days, with the word the panel prints for each:

• S&P 500: 0.49, against a one-year average of 0.49
• Nasdaq 100: 0.49, against 0.48
• Gold: 0.51, against 0.32
• U.S. dollar: −0.30, against −0.19
• Bitcoin per 1% S&P move (beta): 1.34%

Before 2020, bitcoin's daily moves had almost nothing to do with stocks. Since then the 90-day correlation has averaged about 0.35, swinging between near zero and about 0.6, a change usually put down to more of the same investors owning both. A correlation of 0.5 is moderate: squared, it says only about a quarter of bitcoin's daily movement lines up with the stock market's. The beta of 1.34 says that on average bitcoin moved 1.34% for each 1% move in the S&P 500.

News, Alerts and Coin Pages

A few tools sit around the cards:

• Crypto news. The latest crypto headlines from a range of publishers. Each headline opens the publisher's story, and up to three related tickers beside it link to their quote pages.
• Price alerts. The Bitcoin alert bell at the top and the bell beside each coin in the All coins table set an alert for when a price crosses a level you choose or moves a set amount within 24 hours. Alerts need a free account; if you are signed out, the bell asks you to sign in or create one first.
• Coin pages. Each coin's name in the table links to its own page, such as bitcoin, ethereum and solana, with longer charts and statistics for that coin. The bitcoin and ether pages also carry their ETF flows.
• Full screen. Most chart cards can be expanded to fill the screen.
• The guide. The explainer at the bottom of the page covers most of the cards in a paragraph each, with a short FAQ.

How Fresh Is Each Number?

Different parts of the page update at very different speeds. Knowing which is which avoids reading a stale number as news.

Part of the page	How often it updates
Exchange cards, live chart, cross-venue spread, order books	As each exchange's feed changes, several times a second
Momentum score	Every 15 seconds
Kalshi ladder	Streams live while the page is open
All coins prices, market cap, percentage changes (except 1h), market map, market cap and dominance tiles	With the live price, about once a second
Stablecoin, funding, implied vol and CME tiles at the top	Set when the page loads; reload to update
24-hour volume, 1-hour change	Every five minutes
Funding, open interest, options, CME basis, year-end odds	Every five minutes
Liquidations	Every five minutes; the venue posts about an hour late
Bitcoin network	Every 10 minutes
Bitcoin stocks	Holdings twice a day; stock prices every minute while the page is open
ETF flows	Checked twice a day; a day's flows arrive the following evening at the earliest, and the latest day shown is often one to three trading days back
Daily history, monthly returns, drawdown, cycles, correlations	Daily; the daily chart and the halving-cycle panel track the live price, while the monthly table and drawdown are as of page load

Glossary

Term	Meaning
Altcoin	Any coin other than bitcoin
Annualised	A rate scaled up to a full year so it can be compared
Ask	The lowest price a seller will currently accept
At the money (ATM)	An option whose strike is near the current price
Basis	How far a futures price sits above spot, often annualised
Basis point (bp)	One hundredth of a percent
Bear market	A falling market; bearish means pointing down
Beta	How far one asset moves, on average, for a 1% move in another
Bid	The highest price a buyer is currently offering
Bull market	A rising market; bullish means pointing up
Call	An option giving the right to buy at the strike
Correlation	How consistently two things move together, from −1 to 1
Difficulty	How hard it is to mine a block; reset every 2,016 blocks
Dominance	Bitcoin's share of the total crypto market value
Drawdown	How far a price sits below its previous high
Expiry	The date an option or futures contract ends
Funding	Payments between longs and shorts that keep a perp near spot
Futures contract	An agreement to buy or sell on a set future date at a price agreed today
Halving	The cut in new bitcoin per block every 210,000 blocks
Hashprice	What one petahash a second of mining earns in a day
Hashrate	The total guessing power of bitcoin's miners
Hedge	A second position that gains when your main one loses
Implied volatility	The size of moves that option prices assume, annualised
In the money	An option that would pay something if used now
Leverage	Controlling a position larger than the money put up
Liquid	Easy to trade in size without moving the price
Liquidation	A leveraged position closed by force after losses
Long	A position that gains when the price rises
Market cap	Price times the number of coins or shares
Max pain	The settlement price at which open options are worth the least
Mempool	Payments waiting to be included in a block
mNAV	A company's market cap divided by the value of its bitcoin
NAV	Net asset value, what a fund's holdings are worth per share
Open interest	The value or number of contracts still open
Out of the money	An option that would pay nothing if used now
Perpetual swap (perp)	A futures contract with no expiry, held near spot by funding
Put	An option giving the right to sell at the strike
Realised volatility	How much the price actually moved, annualised
Risk reversal	Implied volatility of an out-of-the-money call minus an equally distant put
Satoshi (sat)	One hundred millionth of a bitcoin
Short	A position that gains when the price falls
Spot	The coin itself, bought for immediate delivery
Stablecoin	A token designed to stay worth $1
Strike	The price written into an option
Volatility	How much a price swings, quoted as a yearly percentage

What the Page Is Not

Every number on the crypto page is a market price, a count of something that already happened, or a mechanical estimate worked out from those. None of it is a forecast, and nothing on it is a recommendation to buy or sell anything.

Several cards measure a sample rather than the whole market: funding and open interest cover two venues, the options figures one options exchange, liquidations one venue, and the ether ETF totals five funds. They are best used to compare one day with another, or one coin with another, rather than as market totals. Some data arrives late, the ETF flows above all. And the historical patterns, from monthly seasonality to halving cycles, rest on small samples that the next year can break.

Used that way, the page answers a lot of questions quickly: whether a move is broad or narrow, whether leverage is building, whether options are cheap or dear, whether ETF investors are buying or leaving, and how today compares with the past ten years.

Figures are from the crypto page on Saturday, November 7, 2026, about 6:25 AM Eastern, and will have changed since. For information only; nothing here is investment advice.