Price × circulating supply — Price × circulating supply (log scale)
Market cap is a Bitcoin market reference. It follows Price × circulating supply and provides the price context for the on-chain indicators on this site.
Start with the long-term direction and the size of prior drawdowns or advances; a single daily move says far less than the trend across a market phase.
Market data describes what traded, not why it traded. Use it as context alongside network, holder and flow data rather than as a stand-alone signal.