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Post-ETF Era (Jan 2024+): US spot ETF approval fundamentally shifted the signal landscape — classic on-chain metrics have degraded as BTC moved into custodial off-chain vehicles and institutional wrapping. Primary signals are now ETF net flows, derivatives OI & funding, global M2 liquidity, and macro cycles, alongside price-structure signals (200WMA, Pi Cycle) which remain fully applicable.
On-chain: MVRV Z-Score, NUPL, and SOPR are fetched from BGeometrics (free tier; set BGEOMETRICS_API_KEY GitHub secret for reliable cloud access). CVDD uses Blockchair (free, no key). Supply Cross is derived from NUPL. RHODL Ratio, LTH/STH MVRV Cross, and Reserve Risk remain locked — they require UTXO age-band data only available from Glassnode (paid tier).
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