Thermo Cap vs Market Cap compares Bitcoin’s cumulative historical subsidy value with the current spot valuation of circulating supply. Thermo Cap is an issuance-history base; Market Cap is the live mark-to-market value of the network.
When Market Cap expands faster than Thermo Cap, spot valuation is moving further above the accumulated subsidy-value base. When the gap compresses, valuation is converging toward that issuance-history reference. Thermo Cap Multiple expresses the same relationship as a ratio.
This is an absolute USD comparison, not a normalized cycle oscillator. Market Cap reprices immediately with BTC price, while Thermo Cap changes only as new subsidy value is added.
Sync mode is available here. Both series are USD valuations, so aligning the axes keeps Thermo Cap visually comparable against Market Cap during expansion and compression phases.
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