Daily Log · daily
2026-11-01 log
Log generated Nov 1, 12:44 PM ET
Frozen once written · rules in Methodology
Frozen once written · rules in Methodology
Overall read
Cycle bottom confirmed, leaning up; macro neutral—risk budget as normal. Large-move warning on.
L1 · Macro neutral · alertL2 · Late bear → early bull (bottom confirmed)L3 · Below the pressure zone · large-move warningL4 · Short-term temperature normal
Layer by layer
- L2Direction The bottom is confirmed; this is day 66 of the phase. In historical replays, the following year had a median return of +152%, positive 92% of the time, though 20–60% drawdowns along the way were common. Invalidation: a daily close below this cycle's lowest close, 58,525. day 66
- L1Pace Macro is neither pushing nor holding back. Risk budget as normal. Also, high-yield spreads are widening fast. They move ahead of other credit gauges but lack a long track record, so treat this as an early warning. real yield 2.63%, 13w +0.16pp
- L3Supply Price sits between the STH cost (75,853) and the pressure zone above (88,863, +13.6% from price). The large-move warning is on (30-day volatility 28.5%, supply concentration 12.9%): a one-way move of about 15% within 30 days is more likely than usual, direction unknown. +1σ 88,863 (+13.6%)
- L4Short term Short-term temperature is normal. funding 30d avg +4.9%
Log generated Nov 1, 12:44 PM ET · Data updated Nov 14, 9:31 AM ET
Uncle's note
Nothing yet · No hand-written note today
The above is rule-based.
Alerts
Alerts of the day2026-11-01
- HighL1 regime change: Macro tailwind · alert → Macro neutral · alert
Four-layer readings frozen that day; latest values on the Macro dashboard
L1 · Macro Liquidity Neutral · alert
| Indicator | Reading | Zone | Basis | Data date |
|---|---|---|---|---|
| Nasdaq-100 · 13w change core | −6.89% | Weak | 13-week log change −6.89% (level 28384.85) | 10-01 ⚠ |
| VIX core | 17.20 | Calm | level 17.20 | 10-29 |
| Optimism composite z core | −0.13 | Weak | mean of 3 z-scores −0.13 | 10-02 ⚠ |
| BAA credit spread · 13w change core | −0.14pp | Narrowing | 13-week change −0.14pp (level 1.49%) | 10-29 |
| NFCI · 13w change core | +0.05 | Tightening | 13-week change +0.05 (level −0.487) | 10-23 |
| High-yield spread · 13w change aux | +0.41pp | Widening fast | 13-week change +0.41pp (level 3.26%) | 10-29 |
| 10y real yield · 4 states core | 2.63% | High plateau | level 2.63%, 13w +0.16pp | 10-29 |
| Fed net liquidity · 13w change core | −1.44% | Mild contraction | 13-week change −1.44% (level $5.74T) | 10-30 |
| Broad dollar · 13w change aux | +0.51% | Stronger | 13-week change +0.51% (level 121.32) | 10-23 |
| Stablecoin main line (de-duplicated) · 13w aux | −0.60% | Flat | 13w -0.60%, BTC 13w +17.7% (level $272.24B), 52w -1.7% | 10-31 |
| Trading bullets · ex-Tron aux | −4.29% | Contracting · diverges from price | 13w -4.29%, BTC 13w +17.7% (level $163.63B), 52w -11.3% | 10-31 |
| Trading bullets · incl. Tron (parallel) aux | −1.37% | Contracting | 13-week change −1.37% (level $258.10B), 52w -1.8% | 10-31 |
| Yield / synthetic stablecoins · 13w aux | +4.46% | Leverage building | 13-week change +4.46% (level $17.36B), 52w -18.9% | 10-31 |
| Spot ETF · 13-week net flow aux | +$5.67B | Trend confirm · inflow | 91-day sum +$5.67B, latest day −$643.20M | 10-30 |
| Spot ETF · 4-week net flow aux | −$808.50M | Trend confirm · outflow | 28-day sum −$808.50M, latest day −$643.20M | 10-30 |
| H1 · CME front-month annualized basis aux | 5.6% | Recording | 31 / 90 days recorded · zone judgment after 90 days | 11-01 |
| H2 · Deribit 3-month annualized basis aux | 5.6% | Recording | 34 / 90 days recorded · zone judgment after 90 days | 11-01 |
| Stablecoins on Tron · 13w aux | +4.15% | Expanding | 13-week change +4.15% (level $94.47B), 52w +20.6% | 10-31 |
| Payment / institutional stablecoins · 13w aux | +9.44% | Expanding | 13-week change +9.44% (level $11.12B), 52w +125.5% | 10-31 |
| Tokenized stocks / stablecoin cap aux | 0.94% | Below threshold | cap ratio 0.94% | 11-01 |
| 2Y/10Y curve watch | 0.38% | Normal | level 0.38% | 10-30 |
Show the raw verdict string
L1: [not surging·narrowing | Neutral · alert] | optimism z −0.13 | credit: BAA 13wΔ −0.14pp / HY 3.26% (13w +0.41pp) | real yield 2.63% | net liquidity 13w −1.44% / USD 13w +0.51% | L1-B: main line (de-dup) 13w −0.60% / trading bullets 13w −4.29% / ETF 13w +$5.67B / rotation Existing money switching channels (divergence, no adds)
L2 · Cycle Position Cycle state: Late bear → early bull (bottom confirmed)
L2 cycle state: Late bear → early bull (bottom confirmed) (since 2026-08-27, day 66)
Price 77,401, -38.0% from the all-time high, +32.3% from the cycle-low close (low 123 days ago), 924 days since the last halving.
Bottom-zone signals 2/6: 1y realized profit < realized loss, LTH supply share ex-7y > 75%. Bottom confirmation: Price above 4 short-term cost lines for 7 days, 6-12M cost < 12-18M cost (counts once seen this cycle), 6-12M cost < 1-2Y cost (counts once seen this cycle).
Levels above: True Market Mean 77,723 (+0.4%); 6-12M cost 84,205 (+8.8%); 1-2Y cost 105,235 (+36.0%)
Levels below: STH cost 75,792 (-2.1%); 200D MA 73,124 (-5.5%); 3-6M cost 67,492 (-12.8%)
Next: Bottom confirmed. Historically +152% median 1y forward; 20–60% drawdowns along the way are common.
⚠ L2 used cached data that day.
| Indicator | Reading | Zone | Basis | Data date |
|---|---|---|---|---|
| MVRV (price ÷ realized price) core | 1.433 | Undervalued | level 1.433 | 10-31 |
| Price / 200-week MA core | 1.149 | Undervalued | ratio 1.149 | 10-31 |
| Supply in profit core | 62.2% | Not a bottom zone | share 62.2% | 10-31 |
| 1-year realized profit / loss ratio core | 0.824 | Bottom-zone signal · on | ratio 0.824 | 10-31 |
| Long-term holder share (ex >7y) core | 74.9% | Not a bottom zone | share 74.9% | 10-31 |
| Green / black ratio (6m–10y cost ÷ 0–10y cost) core | 0.950 | Not reached | ratio 0.950 | 10-31 |
L3 · Supply Structure Between the STH cost and the +1σ pressure zone; large-move warning on
| Indicator | Reading | Zone | Basis | Data date |
|---|---|---|---|---|
| STH cost +1σ (pressure zone above) core | +13.64% | Pressure zone above | zone vs price +13.64% (level $88,863) | 10-29 |
| STH cost (reference support) core | −2.99% | Price above | line vs price −2.99% (level $75,853) | 10-29 |
| Supply concentration (price ±5%) core | 19.7% | Concentrated | supply share within ±5% 19.7% | 10-29 |
| BTC 30-day annualized volatility core | 28.5% | Low volatility | annualized 28.5% | 10-29 |
| STH-MVRV (price ÷ STH cost) aux | 1.031 | Short-term holders in profit | ratio 1.031 | 10-29 |
| STH supply in profit aux | 41.6% | Descriptive only | share 41.6% | 10-29 |
| STH-SOPR (7-day mean) aux | 1.000 | Descriptive only | 7-day mean 1.000 | 10-29 |
| Addresses holding ≥ 1,000 BTC (4-week change) aux | −0.41% | Coincident description | 4-week change −0.41% (level 7,167,140 BTC) | 10-29 |
| Addresses holding < 1 BTC (4-week change) aux | −0.34% | Coincident description | 4-week change −0.34% (level 1,391,500 BTC) | 10-29 |
| Exchange BTC net flow (7-day sum) aux | −30,625 BTC | Heavy net outflow | 7-day sum −30,625 BTC, latest day −3,750 BTC | 10-31 |
| Exchange BTC balance (30d change) aux | −0.47% | Flat | 30-day change −0.47% (level 2,665,092 BTC) | 10-31 |
| Spot ETF holdings (30d change) aux | −13,424 BTC | Coincident description | 30-day change −13,424 BTC (level 1,277,898 BTC) | 10-30 |
| Exchanges + ETFs combined (30d change) aux | −27,079 BTC | Coincident description | 30-day change −27,079 BTC (level 3,942,990 BTC) | 10-31 |
L4 · Sentiment & Derivatives Short-term temperature normal
| Indicator | Reading | Zone | Basis | Data date |
|---|---|---|---|---|
| Altseason index (own) watch | 24.0% | Bitcoin season | share 24.0% | 11-01 |
| BTC dominance watch | 60.0% | Trend only | level 60.0% | 11-01 |
Core indicators missing that day: Nasdaq-100 · 13w change, Optimism composite z
Launchpads 2026-10-31 · Top60 $2.37M ▼ 25.0%
| Platform | Chain | Fees | DoD | Share |
|---|---|---|---|---|
| pump.fun | Solana | $1.42M | ▼ 11.3% | 59.6% |
| Flap sh | BSC+ | $490.0K | ▼ 38.1% | 20.6% |
| Pons V2 | Robinhood | $151.9K | ▼ 27.2% | 6.4% |
| StonkFun | Solana | $46.6K | ▼ 50.5% | 2.0% |
| Pons V1 | Robinhood | $5.0K | ▼ 55.3% | 0.2% |
Data sources
DefiLlama stablecoins ✓FRED ✓Deribit ✓CoinMetrics cycle ✓CoinMetrics exchange flows ✓alternative.me ✓Hyperliquid ✓CoinGecko ✓CoinGecko categories ✓ETF flows ✓CME basis ✓ETF 持币 ✓
Welcome to Uncle Onchain Terminal
A top-down, 4-layer BTC framework, updated automatically every day:
- L1 Macro Liquidity: should the risk budget be loose or tight?
- L2 Cycle Position: where are we in the four-year cycle?
- L3 Supply Structure: which levels are really defended, and will moves get bigger?
- L4 Sentiment & Derivatives: is the short term overheating?
Each layer gets a verdict, and the four roll up into one overall read.
How to use it: start with the overall read at the top → switch between L1–L4 for each layer's verdict and evidence → click any metric card for its full history, zone rules and how often each zone occurred historically.
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Reopen anytime from “Guide” in the sidebar
What’s new · 2026.11.14.6
New section: Alpha Radar (replaces Narratives)
- NewAlpha Radar complements Core Picks: Core covers mature tokens with continuous readings on Binance; this covers what is not mature yet. Two daily tables to start: tokenless protocols with ≥ $100K protocol revenue over 30 days (merged by parent) and protocols added to DefiLlama in the last 14 days. Established projects only, no launch-hour meme sniping.
- NewLead ledger: every protocol that appears in either table is logged with its first-seen date and reading, append-only; each day it is re-checked, and a token appearing later is logged as a launch. Today is the baseline; first-entry events start tomorrow.
- NewThe screening framework (web edition, execution rules removed), a case library (historical mechanisms, C01–C10 readouts, frozen 10-16 scores) and a progress page go live with it. Readings, evidence and unknowns only; no scores or rankings; not trade advice. /narrative/ now redirects to /alpha/.
What’s new · 2026.11.14.5
Leg tracker: phase-matched ticks + a day-45 marker for down-legs
- NewBTC and altcoin cards now carry ticks: down-legs get a duration bar and drop ticks, up-legs get gain ticks (the duration bar and day-89 line are unchanged). Ticks compare with legs from the same cycle phase, picked from the current L2 state, show the half and 9-in-10 marks, and state how many comparable legs this one already outlasted or outdid.
- NewA hypothesis-grade day-45 marker for BTC down-legs: of 9 down-legs since 2017 that passed day 45, 8 bottomed within 2–16 days, 2.1%–13.2% lower; the exception was the 2018-09 capitulation. Only 9 samples; the retirement rule is on the detail page. Not used by the trading plan. No marker for altcoins (untested).
- Improved/leg-tracker/ drops the altcoin-window section (its reading card went on 11-13), and the intro no longer asks about it.
What’s new · 2026.11.14.2
Core picks: full Binance volume, score backtest, rally replay
- DataVolume board now covers all of Binance: every spot pair (USDT / USDC / USD1 / FDUSD / BTC / fiat, converted at the day’s close) + USDⓈ-M (USDT and USDC margined, perpetual + delivery) + COIN-M. One table with regular / entrant / dropped / new tags, filterable and sortable. The market benchmark now uses the Macro page’s altcoin basket.
- DataScore research opened: the prototype’s R/C/V/D thresholds were never tested and none passed the first backtest. A research plan (what to test, data, pre-set pass rules, roles, stages) is on the new “Score research” tab; until it concludes the page shows readings and test results, with no scores or score rankings. The entry checklist now counts only verified and process rules. Asset pages gain a six-question pick card.
- NewNew “Rally replay” tab (Jul–Oct 2026 leaders-and-rotation study, 125 coins, anchor 08-19); asset pages show each coin’s class in the last BTC rally, plus active users, supply-side revenue, treasury and core developers (GitHub, from the next run). Every rule and score now has a plain-language explanation.