News · 2026-10-09

Three indices and a new explorer for the bitcoin credit market

The Bitcoin Credit Stack now publishes three governed indices, free with full history:

• Bitcoin Collateral Share Index (bcsi): how much of all bitcoin is pledged against debt. It is chain-linked, so venues entering our data don't move it. 114.5 on 2026-10-08 (100 = 2022-09-19).
• Bitcoin-Secured Borrow Spread (bsbs): what borrowing against bitcoin costs over 3-month Treasury bills across venues: +0.71 points on 2026-10-07, against a plain spread of +1.92 that venues entering the data have inflated.
• Wrapper Reserve Coverage (wrc): for WBTC, tBTC, kBTC and cdcBTC, the bitcoin at each issuer's published addresses, read on our own node, over the token's supply.

Each has a published methodology, and any change is announced 30 days ahead. Every published value is kept and can be read as known on any date.

The explorer now sets any of these beside the market's own figures and our node's chain series: collateral beside long-term-holder supply, the liquidation map beside cost basis, hashprice beside the borrow rate. Each series is in its own panel and on its own dates, with every point downloadable.

Also published: a null result. On this credit cycle, weeks when bitcoin-secured borrowing grew did not coincide with less spending of old coins; borrowing moved with the price.

All of it is descriptive: no forecasts, no signals, no ranking. Aletheia operates the thegavel.io interface and trades on Gavel for its own account; Gavel is in bcsi and bsbs at 0.0002% weight, disclosed on every value.

Figures as read from the API on 2026-10-09: bcsi for 2026-10-08, bsbs and its plain spread for 2026-10-07. The current values are on each indicator's page.