L1 · Crypto-native funds (L1.5, confirm only)
Stablecoins ex-payment issuers
All USD stablecoins minus payment/institutional ones (PYUSD, RLUSD, USDG, USDGO, U, USDP, GUSD), which run −0.43 vs BTC over 13w in the ETF era. Replaces the old total-supply reading.
Source：DefiLlama（逐币）Level：auxVerified · direction
Current reading · as of 2026-10-01
+0.13%
Flat13w +0.13%, BTC 13w +30.4% (level $301.42B)
Zones: rules and how often each occurred
| Zone | Rule | Share of history in this zone |
|---|---|---|
| Contracting | < -1.00% | 21.8% |
| Flat ◀ now | -1.00% ~ +1.00% | 4.2% |
| Expanding | ≥ +1.00% | 74.0% |
Normal range
Current
+0.13%
Percentile 24
Normal range (p10–p90)
-4.62% ~ +110.72%
80% of history
Typical (p25–p75)
+0.47% ~ +50.59%
median +14.14%
Extremes
-18.27% ~ +1142.99%
2018-12-14 – 2026-10-01, 408 weekly observations
p5 -6.77%median +14.14%p95 +143.95%
Window: 2018-12-14 – 2026-10-01, 408 weekly observations. L1 macro gauges use post-2018 data only (macro had no explanatory power over BTC in 2010–2017); on-chain cycle gauges use full history. Percentiles describe position in history — not trade signals.
Judged series · full history 13-week change · dashed = zone boundaries; blue band = normal range (light p10–p90, dark p25–p75)
Ex-payment stablecoin supply
For reference: BTC price (log) same time axis, linked hover
Rules and evidence grades: Methodology; rule changes are logged in Corrections.