{ "as_of": "2026-02-20", "as_of_utc": "2026-02-20T13:12:00Z", "smooth_days": 21, "risk": 0.47, "band": "yellow", "regime": "liquidity_on", "btc_price_usd": 67244.45, "etf_flow_usd": 655300000.0, "etf_flow_sma7_usd": 106228571.43, "stablecoin_delta_usd": 168237932.99, "stablecoin_delta_sma7_usd": 98474922.74, "drivers": { "etf_flows": { "score": 0.37, "contribution": -0.03, "raw_usd": 655300000.0, "sma7_usd": 106228571.43, "asof": "11 Jan 2024", "trailing": [ { "date": "11 Jan 2024", "usd": 655300000.0 }, { "date": "12 Jan 2024", "usd": 203000000.0 }, { "date": "15 Jan 2024", "usd": 0.0 }, { "date": "16 Jan 2024", "usd": -52700000.0 }, { "date": "17 Jan 2024", "usd": 453800000.0 }, { "date": "18 Jan 2024", "usd": -126600000.0 }, { "date": "19 Jan 2024", "usd": 43600000.0 }, { "date": "22 Jan 2024", "usd": -87400000.0 }, { "date": "23 Jan 2024", "usd": -106100000.0 }, { "date": "24 Jan 2024", "usd": -158300000.0 }, { "date": "25 Jan 2024", "usd": -79800000.0 }, { "date": "26 Jan 2024", "usd": 14800000.0 }, { "date": "29 Jan 2024", "usd": 255100000.0 }, { "date": "30 Jan 2024", "usd": 247300000.0 }, { "date": "31 Jan 2024", "usd": 197600000.0 }, { "date": "01 Feb 2024", "usd": 38500000.0 }, { "date": "02 Feb 2024", "usd": 80000000.0 }, { "date": "05 Feb 2024", "usd": 68100000.0 }, { "date": "06 Feb 2024", "usd": 33600000.0 }, { "date": "07 Feb 2024", "usd": 146000000.0 }, { "date": "08 Feb 2024", "usd": 405000000.0 } ], "source": "Farside Bitcoin ETF Flow \u2013 All Data", "asof_utc": "2024-01-11T00:00:00Z", "health": { "status": "stale", "age_hours": 18517.2 } }, "net_liquidity": { "score": 0.49, "contribution": -0.0, "level_usd": 5700036000000.0, "delta1d_usd": 0.0, "sma7_delta_usd": 2149476190.48, "trailing": [ { "date": "20 Feb 2026", "usd": 0.0 }, { "date": "19 Feb 2026", "usd": 224000000.0 }, { "date": "18 Feb 2026", "usd": -6823000000.0 }, { "date": "17 Feb 2026", "usd": -64000000.0 }, { "date": "16 Feb 2026", "usd": 0.0 }, { "date": "15 Feb 2026", "usd": 0.0 }, { "date": "14 Feb 2026", "usd": 0.0 } ], "asof": "20 Feb 2026", "asof_utc": "2026-02-20T00:00:00Z", "source": "FRED WALCL \u2212 WTREGEN \u2212 RRPONTSYD (USD)", "health": { "status": "ok", "age_hours": 13.2 } }, "stablecoins": { "score": 0.48, "contribution": -0.0, "raw_delta_usd": 168237932.99, "sma7_delta_usd": 98474922.74, "trailing": [ { "date": "20 Feb 2026", "usd": 168237932.99 }, { "date": "20 Feb 2026", "usd": 255331730.34 }, { "date": "19 Feb 2026", "usd": 80507286.68 }, { "date": "18 Feb 2026", "usd": -179464575.25 }, { "date": "17 Feb 2026", "usd": 52811281.15 }, { "date": "16 Feb 2026", "usd": 13700136.93 }, { "date": "15 Feb 2026", "usd": 94505392.85 }, { "date": "14 Feb 2026", "usd": 141508968.24 }, { "date": "13 Feb 2026", "usd": -177710685.24 }, { "date": "12 Feb 2026", "usd": -368382608.87 }, { "date": "11 Feb 2026", "usd": 150168621.81 }, { "date": "10 Feb 2026", "usd": 125215785.28 }, { "date": "09 Feb 2026", "usd": -940848996.36 }, { "date": "08 Feb 2026", "usd": 179432393.27 }, { "date": "07 Feb 2026", "usd": 2073953163.11 }, { "date": "06 Feb 2026", "usd": -45383622.16 }, { "date": "05 Feb 2026", "usd": 191506396.17 }, { "date": "04 Feb 2026", "usd": 28227995.12 }, { "date": "03 Feb 2026", "usd": 399164711.58 }, { "date": "02 Feb 2026", "usd": 107945346.16 }, { "date": "01 Feb 2026", "usd": -282453276.21 } ], "source": "CoinGecko USDT + USDC market_caps (daily)", "asof": "20 Feb 2026", "asof_utc": "2026-02-20T00:00:00Z", "health": { "status": "ok", "age_hours": 13.2 } }, "term_structure": { "score": 0.42, "contribution": -0.01, "funding_ann_pct": 3.89, "funding_8h_pct": 0.0036, "perp_premium_now_pct": -0.007, "perp_premium_7d_pct": -0.007, "source": "Binance/OKX/BitMEX/Bybit/Deribit/Proxy", "asof_utc": "2026-02-20T13:12:00Z", "health": { "status": "ok", "age_hours": 0.0 } }, "onchain": { "score": 0.51, "contribution": 0.0, "addr_today": 473222.0, "addr_avg_w": 501230.0, "tx_today": 512501.0, "tx_avg_w": 468639.0, "fee_usd_today": 158553.32, "fee_usd_avg_w": 200625.28, "hash_mom_pct": -2.25, "mempool_vsize_mb": 12.56, "mempool_halfhour_satvb": 1.0, "trailing": [ { "date": "19 Feb 2026", "usd": 158553.32 }, { "date": "18 Feb 2026", "usd": 155091.51 }, { "date": "17 Feb 2026", "usd": 154005.92 }, { "date": "16 Feb 2026", "usd": 149034.98 }, { "date": "15 Feb 2026", "usd": 124499.27 }, { "date": "14 Feb 2026", "usd": 146803.4 }, { "date": "13 Feb 2026", "usd": 185898.05 }, { "date": "12 Feb 2026", "usd": 171591.24 }, { "date": "11 Feb 2026", "usd": 197412.8 }, { "date": "10 Feb 2026", "usd": 174563.79 }, { "date": "09 Feb 2026", "usd": 196588.85 }, { "date": "08 Feb 2026", "usd": 150097.49 }, { "date": "07 Feb 2026", "usd": 186125.16 }, { "date": "06 Feb 2026", "usd": 419662.22 }, { "date": "05 Feb 2026", "usd": 376087.11 }, { "date": "04 Feb 2026", "usd": 216365.76 }, { "date": "03 Feb 2026", "usd": 221577.51 }, { "date": "02 Feb 2026", "usd": 229830.93 }, { "date": "01 Feb 2026", "usd": 169562.94 }, { "date": "31 Jan 2026", "usd": 204468.03 }, { "date": "30 Jan 2026", "usd": 225310.57 } ], "source": "blockchain.com (addr/tx/fees/hash) + mempool.space", "asof_utc": "2026-02-20T13:12:00Z", "health": { "status": "ok", "age_hours": 0.0 } } } }