Thermo Cap (cumulative miner revenue) is computed from Bitcoin's block reward schedule (~144 blocks/day × reward × daily price). Realized Cap values each coin at the price it was last moved on-chain, approximated here using a coin-velocity model (daily repricing of ~0.2% of supply). The RCTC ratio = Realized Cap ÷ Thermo Cap. Historically, sharp peaks in RCTC have coincided with market cycle tops or mid-cycle tops. When the ratio rises above certain levels, it can confirm that a local or market cycle top is near. Data source: CryptoCompare (price), computed on-chain approximations.