NOTICES ON THE DATA
THE BITCOIN CREDIT STACK
Version: 0.2 · Date: 21 October 2026
These notices say what the data of The Bitcoin Credit Stack (the "Stack") is and what it is not. They are written for people who read the website www.bitcoincreditstack.com and for the assistants and agents that query the API (api.bitcoincreditstack.com) and the MCP server (mcp.bitcoincreditstack.com/mcp) for them. The Stack is published by Aletheia Analytics SASU ("Aletheia"). The Terms of Use, the Data licence and the Terms of Sale also apply; these notices do not depart from them.
1. What the Stack is
1.1. The Stack publishes measurements of the bitcoin-collateralised credit markets: rate curves, chain indicators, and a registry of credit venues described against published, versioned criteria. The same measurements are made for credit secured by ether.
1.2. These are observations. Each figure is read from a named source, on a given date. The Stack describes; it does not assess.
1.3. All three surfaces are read-only. None prepares, signs or broadcasts a transaction; the Stack's MCP server has no transaction tool. Aletheia holds no one's assets and receives no mandate.
1.4. Bitcoin and ether are never added together: credit secured by each is measured separately, each token at its own contract rate.
2. Information only: no advice
2.1. The data is provided for information. It may contain errors, delays or inaccuracies. It should not be the sole basis for any financial decision.
2.2. Rate curves, market measures, indicators and credit views describe past and present activity. They are not financial advice, trading signals or recommendations.
2.3. Nothing here is financial, investment, tax, legal or credit advice. No one, through the Stack, recommends any transaction, strategy, rate, asset or venue. Paying for an answer changes nothing: what is paid for is information.
3. No score, no ranking, no forecast, no safety verdict
3.1. No answer contains a composite score, a ranking, a default sort by rate or a safety verdict. None will be added.
3.2. Catalogues do not rank their entries. Distributions report what was observed, with the sample size; they do not forecast a fill, a rate, a time-to-fill or a return.
3.3. Each venue criterion carries the kind of source it came from, the source itself and a date. The reader weighs the criteria; the Stack does not weigh them for the reader. That a venue appears in the Stack does not say it is safe, sound or preferable to another.
3.4. Where a page or answer reports a check, it reports what the check returned, with the block height or source and the date. The verdict is the reader's.
4. Absences are values
4.1. What could not be measured is said, with its reason; it is never shown as a zero, nor left out.
4.2. In practice:
- a criterion that cannot be established from public sources reads "unknown" (
unknown), with the reason; - a criterion that does not apply to a class of venue reads as such;
- a measure that would be degenerate on the observed data (too few observations, too few counterparties) is replaced by an absence naming the threshold and the observed count;
- a venue missing from a reading is a declared gap in observation, not a zero; totals are sums over the venues covered, with their coverage, never scaled up.
4.3. What the Stack covers is counted from the data, on request (MCP tool get_guide).
5. Accuracy, delays and corrections
5.1. The data depends on chain reads and third-party sources. It may be late, incomplete or wrong. Aletheia does not warrant its accuracy.
5.2. A correction never silently replaces what was published: it creates a new dated version, and the earlier version stays readable as it was known on its date. Anyone may dispute a value; the Data licence (article 14) says how.
5.3. Desks' posted rates are dated facts, taken with their source, their effective date and the date they were last checked. They describe what was posted on that day; they are not offers, and they may differ from what the desk offers today or to a given borrower.
6. Not a benchmark
6.1. The Stack is neither a benchmark nor a benchmark administrator. It computes no weighting and presents no data as suitable to serve as a reference for a financial instrument or contract. The measures it names "index" are descriptive measures of observed markets.
6.2. The Data licence forbids using the data as a benchmark, in particular to set an amount payable under a financial contract or instrument or to measure a fund's performance (article 8).
7. Who may do what: the licence, source by source
7.1. Each value says which sources it rests on. What you may do with it depends on those sources:
- our own observations (our Bitcoin node, our contract reads, our on-chain price fixing, Gavel auctions read on-chain, desks' posted rates, documents filed by issuers and funds): usable under our Data licence, including in your own analyses and dashboards, with the source named;
- third-party publications that allow reuse (the Federal Reserve Board, the Federal Reserve Bank of New York, IEX): the same, with their credit line and under their own terms;
- sources that forbid resale or whose terms are not established (CoinGecko, Binance, CryptoCompare, DefiLlama, the Morpho API, the WBTC API): shown free, with their name, so that answers stay complete; we do not sell them and grant you no right in them.
7.2. In an answer, the licence field (where present) says which of these groups a series belongs to, and names its sources. Today, much of the credit-tree series falls in the third group. The Credits and sources page gives the full list. The Data licence prevails.
7.3. You may not resell the data as such, nor republish it in a form that replaces reading it on the Stack. You may use it for yourself and build your own analyses from it.
8. Our own position: Aletheia and Gavel
8.1. Aletheia has a commercial interest in Gavel. It acts on the Gavel Protocol for its own account, with its own assets, and holds positions there; it operates the thegavel.io interface. The Gavel Protocol was written by Jamie Frame personally and released under the MIT licence; Jamie Frame is also the Stack's publication director.
8.2. In the Stack, Gavel appears as one venue among others, described against the same criteria by the same processes, and its row is priced like any other. Where its row is weak (book depth, external counterparty count, months live), it says so as plainly as any other.
8.3. This position is disclosed on Gavel's row, wherever venues are presented: in the row's disclosure field (disclosure), on the venue's page and in every machine answer about it, free or paid. It is not presented as a property of the dataset as a whole: Aletheia could hold a position at any covered venue, and a position at one says nothing about how the others are measured.
8.4. Gavel's book is today predominantly Aletheia's own. The activity, depth or rates it shows are not evidence of independent market demand, and are not yet an independent market assessment; the answers say so (own_account, is_independent_assessment).
8.5. This own-account activity creates for no reader any mandate, fiduciary duty, liquidity, rate or financing commitment, or guarantee. No reader should assume that Aletheia will take part in an auction, support a market or act to reduce their losses.
9. No promise
9.1. Nothing in the Stack promises liquidity, a rate, accuracy or availability. A rate shown is a rate observed, not a rate you will get; depth shown is depth observed, not liquidity available.
9.2. The site, the API and the MCP server may be unavailable, interrupted or discontinued at any time, for any reason. The venues described operate independently of the Stack.
10. Nothing here assesses a person
The data concerns venues, contracts, markets and issuers. Nothing assesses a person's creditworthiness or sets a credit score. Where a page shows the public positions of an address the reader enters, it shows them as they stand on-chain, without assessing them.
11. Where these notices are
The same notices appear in two forms: on the human-readable pages (/methodology and /legal), and in machine answers and the MCP server's instructions, in fields that assistants read (disclosure, licence, attribution, absences and their reasons). Both forms coexist; where they differ, this page prevails.