Ghost Alpha

The Read

Mid-range valuation, coins leaving exchanges · 37 days in state, since 2026-08-19

What this state means

Of 25 prior periods in this state, what followed
HorizonMedianQ1 / Q3Worst case
30d+5.5%-1.7% / +11.0%-13.6%
90d+2.3%-14.7% / +35.7%-31.6%
180d-3.0%-30.5% / +38.6%-47.8%
Every prior period (25)

Comparisons use the institutional-era market from August 2020 onward; a metric's own percentile-in-history uses full available history.

Conditioned on: core state (valuation, flows, leverage, halving position); sentiment and short-history modifiers excluded.

Description of the past, not a forecast.

  • BTC: -0.6%
  • MSTR: -3.4%
  • mNAV premium/discount: premium to discount

Bitcoin's price sits at a modest 1.58 times what holders paid on average (a measure called MVRV), a level that in past cycles has shown up in the middle stretches of a rally rather than at blow-off tops. About 10,057 coins left exchanges on net, and outflows like that have historically lined up with people moving bitcoin into long-term storage rather than preparing to sell. Sentiment reads 71 on the Fear & Greed index, putting it in Greed territory, while the cost of holding leveraged long positions is only barely positive, suggesting speculative appetite is present but not stretched. Spot bitcoin ETFs took in roughly 715 million dollars on the latest day, a solid haul, and MicroStrategy's shares changed hands at about 97 cents on the dollar of its bitcoin holdings, a slight discount to fair value.

AI-generated · deepseek-v4-flash · 2026-09-24T08:05:05.122140+00:00

Beginner mode is on by default here - it inlines a short "why this matters" note next to each number. Turn it off in the header if you'd rather see the numbers alone.