Thermo Cap Multiple compares Bitcoin’s current market capitalization with Thermo Cap. It asks how large market value is relative to the cumulative dollar value of all subsidy historically paid to miners, making it an issuance-based valuation ratio rather than a holder-cost metric.
A rising series means market capitalization is expanding further above the historical issuance base. A falling series means valuation is compressing back toward that benchmark. It is most useful with Thermo Cap, Market Cap, and MVRV, which frame valuation against different reference points.
The key distinction is benchmark choice. MVRV compares market value with realized value, while Thermo Cap Multiple compares it with cumulative miner subsidy value. That makes it a different macro valuation lens, not a variant of holder profit and loss.
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