BTC CYCLE MONITOR
WHAT CHANGED

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EVERY COST BASIS MODEL, ONE PRICE AXIS

THE LEVELS

THE DEBASEMENT ENGINE

RATE REGIME

CROSS-ASSET WATCHLIST

PROFITABILITY who is in profit, who is underwater

COHORT BEHAVIOR who is holding, who is selling

MINER STRESS the supply side of the market

WHY THIS PAGE MATTERS

Miners are the only structural sellers in the market. When their revenue compresses, forced selling dries up and the supply overhang clears. That is why Puell below 1.0 has marked the bottom of every cycle.