| Tokenomics & On-Chain Metrics |
30% |
Supply schedule, halving/burn mechanisms, staking rewards, hash rate, active addresses, transaction volumes |
| Adoption & Network Effects |
25% |
Merchant acceptance, DeFi activity, institutional participation, layer-2 scaling growth, interoperability |
| Macro Liquidity & Flows |
20% |
Dollar liquidity, global risk appetite, ETF flows, stablecoin supply, exchange reserves |
| Regulation & Policy |
15% |
Securities classification, taxation, stablecoin regulation, CBDC competition, country-level bans/adoption |
| Market Structure |
5% |
Futures/spot basis, open interest, funding rates, exchange concentration, whale holdings |
| Narrative & Sentiment |
5% |
“Digital gold” narrative, Web3/DeFi hype, fear vs. greed cycles, media coverage |