Bitcoin Collateral Share Index

bcsi

How much of all bitcoin is pledged against debt, with new venues kept from moving it. Bitcoin posted as collateral across the lien-backed venues read on both consecutive dates, over spendable supply from our own node; chain-linked, 100 on 2022-09-19. The plain share sits beside it: the gap is coverage arriving. Not a measure of leverage or of risk.

Methodology bcsi_v1

What it measures. How the bitcoin posted as collateral against lien-backed debt has moved as a share of all spendable bitcoin, with venues entering the data kept from moving it. 100 on 2022-09-19.

Why chain-linked. Most of the rise in the plain share since 2022 is coverage: venues Aletheia began to read, not bitcoin newly posted. Each step therefore uses only the venues whose collateral was read on both dates. The plain share is served beside the index so both can be read.

Calculation. For consecutive dates, take the lien-backed venues read on both. The index moves by the change in their collateral, times the inverse change in spendable supply: I(t) = I(t−1) × C(t)/C(t−1) × S(t−1)/S(t). The matched set, its share of today's collateral, and the venues entering or leaving are given on every value.

Inputs. Collateral per venue from the credit tree: contract reads, and for venues read only through an aggregator, DefiLlama data used to derive the index and never re-served. Supply from our own node: spendable supply at the end of the UTC day. Lien-backed classes only (pools, minted stablecoins, lending desks, auctions); issuers' corporate holdings are not collateral and are left out. Desk collateral is partly estimated from dollar books at the day's price.

Absences. A step with no matched venue is absent and the index does not move through it.

Changes. A change to the definition, inputs or coverage rule is published 30 days before it takes effect, as a new methodology version. An error is corrected at once, and the correction says so. Past values are never rewritten in place: every published version is kept and can be read as known on any date (as_known_on).

Sample. One credit cycle, from 2022-09-19, so every relation in it is observational. It describes the market as read; it is not a forecast or a signal.

History

Full payload

[]

[]

[
  {
    "share": 0.000002,
    "venue": "gavel_arbitrum"
  }
]