Bitcoin collateral as a share of supply
collateral-share
Q2b. The share of all spendable bitcoin posted as collateral against lien-backed debt: the market, each class and the fixed 2022 panel, as read on each date. Coverage steps (venues entering) are named on every value, never smoothed; the chain-linked version is bcsi. Descriptive, not an index.
| Units | ratio |
|---|---|
| Computed at | 2026-10-12 |
| History | served |
Methodology descriptive · CX1 Q2b
What it measures. The bitcoin posted as collateral against lien-backed debt, as a share of all spendable bitcoin: for the secured market, each class (pools, minted stablecoins, lending desks, auctions) and the fixed panel of venues that held bitcoin collateral on 2022-09-19.
Coverage. It is what the credit tree read on each date. A venue's first reading is a coverage step, named on the value, and is never smoothed, so most of the rise since 2022 is coverage. The chain-linked version, which venues entering cannot move, is the Bitcoin Collateral Share Index (bcsi); the 2022 panel is the same measure over a fixed set.
Inputs. Collateral from the credit tree, in wrapper units (a wrapper is not the coin); desk collateral is partly estimated from dollar books at the day's price. Spendable supply from our own node at the end of the UTC day.
Sample. One credit cycle, from 2022-09-19, so it is observational. A descriptive series: not an index, not a forecast and not a signal. Every published version is kept and can be read as known on any date (as_known_on).
History
Collateral as a share of spendable supply, the secured market
As read on each date: venues entering the data move it. The chain-linked version is bcsi. From 2022-09-19, one credit cycle; weekly (Mondays) plus the latest day.
Mondays are drawn here; every day is in the explorer. Open in the explorer →
What this cannot be read as
Collateral is what the credit tree read: 90 of 128 venues on this date. A venue's first reading is a coverage step, named in attrs.entered, never smoothed. Wrapped bitcoin is counted in wrapper units; a wrapper is not the coin. Supply is spendable supply at the end of the snapshot's UTC day (chain.cohort.supply_btc): OP_RETURN outputs, the genesis coinbase and the two BIP30-overwritten coinbases are excluded, so it sits a little below issued supply. Observational: one credit cycle, from 2022-09-19.
https://www.bitcoincreditstack.com/indicators/collateral-share
Full payload
Every field as the API serves it
| id | collateral-share | ||||
|---|---|---|---|---|---|
| name | Bitcoin collateral as a share of supply | ||||
| measure | CX-Q2b | ||||
| question | What share of all spendable bitcoin is posted as collateral against lien-backed debt, for the market, each class and the fixed 2022 panel? | ||||
| headline | cx.market.secured.collateral_share_of_supply | ||||
| source | Derived in the vintage store: credit_tree ÷ chain_series | ||||
| series | 7 entries[
{
"series_id": "cx.market.secured.collateral_share_of_supply",
"date": "2026-10-12",
"value": 0.010950633589287,
"unit": "ratio",
"kind": "derived",
"entered": [],
"coverage": {
"in": 90,
"of": 128
},
"limitation": "Collateral is what the credit tree read: 90 of 128 venues on this date. A venue's first reading is a coverage step, named in attrs.entered, never smoothed. Wrapped bitcoin is counted in wrapper units; a wrapper is not the coin. Supply is spendable supply at the end of the snapshot's UTC day (chain.cohort.supply_btc): OP_RETURN outputs, the genesis coinbase and the two BIP30-overwritten coinbases are excluded, so it sits a little below issued supply. Observational: one credit cycle, from 2022-09-19.",
"vintage_id": "cx@2026-10-13T08:15:00.530Z"
},
{
"series_id": "cx.class.algorithmic.collateral_share_of_supply",
"date": "2026-10-12",
"value": 0.007972193071692,
"unit": "ratio",
"kind": "derived",
"entered": [],
"coverage": {
"in": 79,
"of": 98
},
"limitation": "Collateral is what the credit tree read: 79 of 98 venues on this date. A venue's first reading is a coverage step, named in attrs.entered, never smoothed. Wrapped bitcoin is counted in wrapper units; a wrapper is not the coin. Supply is spendable supply at the end of the snapshot's UTC day (chain.cohort.supply_btc): OP_RETURN outputs, the genesis coinbase and the two BIP30-overwritten coinbases are excluded, so it sits a little below issued supply. Observational: one credit cycle, from 2022-09-19.",
"vintage_id": "cx@2026-10-13T08:15:00.530Z"
},
{
"series_id": "cx.class.auction.collateral_share_of_supply",
"date": "2026-10-12",
"value": 2.2666674e-8,
"unit": "ratio",
"kind": "derived",
"entered": [],
"coverage": {
"in": 1,
"of": 1
},
"limitation": "Collateral is what the credit tree read: 1 of 1 venues on this date. A venue's first reading is a coverage step, named in attrs.entered, never smoothed. Wrapped bitcoin is counted in wrapper units; a wrapper is not the coin. Supply is spendable supply at the end of the snapshot's UTC day (chain.cohort.supply_btc): OP_RETURN outputs, the genesis coinbase and the two BIP30-overwritten coinbases are excluded, so it sits a little below issued supply. Observational: one credit cycle, from 2022-09-19.",
"vintage_id": "cx@2026-10-13T08:15:00.530Z"
},
{
"series_id": "cx.class.minted.collateral_share_of_supply",
"date": "2026-10-12",
"value": 0.000070019462014,
"unit": "ratio",
"kind": "derived",
"entered": [],
"coverage": {
"in": 5,
"of": 5
},
"limitation": "Collateral is what the credit tree read: 5 of 5 venues on this date. A venue's first reading is a coverage step, named in attrs.entered, never smoothed. Wrapped bitcoin is counted in wrapper units; a wrapper is not the coin. Supply is spendable supply at the end of the snapshot's UTC day (chain.cohort.supply_btc): OP_RETURN outputs, the genesis coinbase and the two BIP30-overwritten coinbases are excluded, so it sits a little below issued supply. Observational: one credit cycle, from 2022-09-19.",
"vintage_id": "cx@2026-10-13T08:15:00.530Z"
},
{
"series_id": "cx.class.posted-card.collateral_share_of_supply",
"date": "2026-10-12",
"value": 0.002908398388907,
"unit": "ratio",
"kind": "derived",
"entered": [],
"coverage": {
"in": 5,
"of": 24
},
"limitation": "Collateral is what the credit tree read: 5 of 24 venues on this date. A venue's first reading is a coverage step, named in attrs.entered, never smoothed. Wrapped bitcoin is counted in wrapper units; a wrapper is not the coin. Supply is spendable supply at the end of the snapshot's UTC day (chain.cohort.supply_btc): OP_RETURN outputs, the genesis coinbase and the two BIP30-overwritten coinbases are excluded, so it sits a little below issued supply. Observational: one credit cycle, from 2022-09-19.",
"vintage_id": "cx@2026-10-13T08:15:00.530Z"
},
{
"series_id": "cx.class.unclassed.collateral_share_of_supply",
"date": "2026-10-12",
"value": null,
"unit": "ratio",
"kind": "absent:input_absent",
"entered": [],
"coverage": {
"in": 0,
"of": 1
},
"input_kind": "absent:not_read",
"limitation": "Collateral is what the credit tree read: 0 of 1 venues on this date. A venue's first reading is a coverage step, named in attrs.entered, never smoothed. Wrapped bitcoin is counted in wrapper units; a wrapper is not the coin. Supply is spendable supply at the end of the snapshot's UTC day (chain.cohort.supply_btc): OP_RETURN outputs, the genesis coinbase and the two BIP30-overwritten coinbases are excluded, so it sits a little below issued supply. Observational: one credit cycle, from 2022-09-19.",
"vintage_id": "cx@2026-10-13T08:15:00.530Z"
},
{
"series_id": "cx.panel_2022.secured.collateral_share_of_supply",
"date": "2026-10-12",
"value": 0.001072234895878,
"unit": "ratio",
"kind": "derived",
"panel": [
"aave_v1_ethereum",
"aave_v2_avalanche",
"aave_v2_ethereum",
"aave_v2_polygon",
"aave_v3_arbitrum",
"aave_v3_avalanche",
"aave_v3_optimism",
"aave_v3_polygon",
"benqi_lending_avalanche",
"compound_v2_ethereum",
"compound_v3_ethereum",
"moonwell_lending_moonbeam",
"sky_ethereum",
"tectonic_cronos",
"venus_core_pool_bsc"
],
"limitation": "The 15 venues that held bitcoin collateral on 2022-09-19, whatever has entered since. Absent on any date a member was not read. Wrapped bitcoin is counted in wrapper units. Supply is spendable supply at the end of the snapshot's UTC day (chain.cohort.supply_btc): OP_RETURN outputs, the genesis coinbase and the two BIP30-overwritten coinbases are excluded, so it sits a little below issued supply. Observational: one credit cycle, from 2022-09-19.",
"vintage_id": "cx@2026-10-13T08:15:00.530Z"
}
] | ||||
| methodology |
| ||||
| sample | One credit cycle, from 2022-09-19: observational. Descriptive, not a forecast or a signal, and not an index. |
Where this comes from
| REST | GET https://api.bitcoincreditstack.com/v1/market/measure/collateral-share |
|---|---|
| MCP | get_indicator({ id: "collateral-share" }) get_indicator({ id: "collateral-share", include_history: true }) get_series({ ids: ["cx.market.secured.collateral_share_of_supply", "cx.class.algorithmic.collateral_share_of_supply", "cx.class.auction.collateral_share_of_supply", "cx.class.minted.collateral_share_of_supply", "cx.class.posted-card.collateral_share_of_supply", "cx.class.unclassed.collateral_share_of_supply", "cx.panel_2022.secured.collateral_share_of_supply"] }) |
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