Signal Research DeckResearch signal · not financial adviceResearch Evidence

Bitcoin Bottom Signal

Daily monitor for rare BTC bottom conditions. This is now split into separate lightweight pages with an icon-based bottom app menu for mobile use.

Research

Research Evidence

Walk-forward ranking, guard regimes, source coverage, social/news, and benchmark coverage.

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Checks that every page is rendered from one canonical state object and explains the difference between the user alert regime and internal state-machine state.

Canonical State Consistency

Canonical Render ConsistencyPASS
User Alert RegimeBottom Likely
Internal ChartInspect StateStabilisation
Bottom LikelyNo
Lower Low Failure Days49
Active Reliability Cap7.50
State Hash2936aff77a650ef0
CheckStatusDetail
Watch Vs Exhaustion ExplainedPassUser alert regime=bottom_likely; internal ChartInspect state=stabilisation
Lower Low CanonicalizedPasscanonical=49; monitor=49
Bottom Likely ConsistentPassbottom_likely remains false/no
Candidate Metrics Not PromotedPasspromoted candidates=[]
Reliability Cap PresentPassactive cap=7.5

All pages are rendered from one dashboard data object and share the canonical_state block. Watch is the user alert regime; Exhaustion is the internal ChartInspect state-machine state.

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Shows supporting details for Why this is not bottom likely. Use it as context for the surrounding score, diagnostic, or research summary.

Why This Is Not Bottom Likely

Current User RegimeBottom Likely
Internal Research StateStabilisation
Bottom LikelyNo
Reclaim GateBlocked Candidate Reclaim Not Passed
PIT ReplayBlocked Pit Snapshots Missing
Negative-Control StatusBlocked Negative Control Noise Detected
Reliability Upgrade AllowedNo

Why This Is Not Bottom Likely

  • Live user regime is Bottom Likely, while the internal research state is Stabilisation; exhaustion is not a bottom-likely alert.
  • Validated aggregate and STH cost-basis reclaim inputs are still missing or blocked, so the reclaim gate is not passed.
  • Candidate reclaim gate status is Blocked Candidate Reclaim Not Passed; candidate-only values are not signal inputs.
  • Live bottom_likely alerts and the canonical bottom_likely flag are now bound to the guarded state machine; the unguarded engine regime cannot override missing reclaim, PIT, or stabilisation evidence.
  • Cross-provider validation status is Blocked Cross Provider Incomplete and PIT replay status is Blocked Pit Snapshots Missing.
  • Negative controls show 1075 family-weighted alert days outside true bottom windows, so family evidence alone is noisy.
  • Reliability is capped; validation infrastructure and explanatory audits do not raise forward predictive evidence.

What Would Invalidate The Current Read

  • A new lower low would reset the lower-low failure clock and weaken stabilisation evidence.
  • Provider-definition or cross-provider disagreement would keep NUPL/STH-NUPL-derived reclaim candidates blocked.
  • Any PIT replay known-at leakage, stale snapshot, or export hash mismatch keeps reclaim and reliability blocked.
  • Any candidate-only metric entering score, state machine, reliability, or alerting would invalidate the current safety lock.
  • Negative-control noise in shifted, random, or bull-market guard windows prevents any threshold/reliability upgrade.

Plain-language uncertainty summary only. It does not promote candidate reclaim, change bottom_likely, loosen reclaim, or raise reliability.

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Ranks candidate signals using prior-only walk-forward validation. This helps avoid choosing a signal that only looked good with hindsight.

Walk-Forward Research Ranking

Recommended CandidateChartInspect Onchain
ModelEvent RecallGuard DaysGuard WindowsAlert Days
ChartInspect Onchain1.0000115
Conservative Onchain Gate1.0000115
Triangulated Onchain Market Cycle1.0000225
Conservative Extended Onchain Gate1.0000667
Market Capitulation1.00341835
Market Cycle1.00341758

All walk-forward folds start at the acceptable alert start, train only on earlier rows, and evaluate later cycle-bottom periods with 180d lead / 120d lag timing tolerance.

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Measures practical historical entry outcomes after the first bottom alert in each known bottom window, including forward returns, extra drawdown, DCA-after-alert, and simple drawdown baselines.

Strategy Backtest

Threshold95.00
Lead / Lag180d / 120d
DCA Days90
StrategyBottoms DetectedMedian 365D ReturnWorst 365D DrawdownMedian DCA 365D Return
ChartInspect on-chain alert4 / 462.11-44.3081.81
60% drawdown trigger4 / 438.42-57.1741.20
70% drawdown trigger3 / 451.75-43.59125.40

Strategy entries are evaluated point-in-time using the first qualifying alert per historical bottom window; returns are forward close-to-close and not financial advice.

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Shows whether a candidate fired during known non-bottom stress or hype windows. Clean guard windows are required before promotion.

False-Positive Guard Regimes

Recommended CandidateChartInspect Onchain
Guard Alert Days0
False-Positive Guard Windows0
RegimeWindowsAlert DaysViolated Windows
Bull Top Cooling200
Current Cycle High Price Consolidation200
ETF Liquidity Hype Drawdown100
Macro Panic Non Cycle Bottom100
Mid Cycle Correction200
Post Bottom Recovery300
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Counts every alert day outside labelled bottom windows, not just selected guard regimes. This is the continuous false-positive density check.

All-History Non-Bottom Alert Density

Threshold95.00
Non-Bottom Days4682
Outside Alert Days63
Outside Alert Clusters30
Longest Cluster Days7
False Positive Density1.35%

Outside Alert Cluster Audit

ClusterStartEndDaysMaxEvidence FamilyNearest Bottom Days365D Return365D Max AdverseClassification
12014 12 172014 12 193100.00Valuation Cost Basis1542.62-44.30Provisional Boundary Artifact
22014 12 212014 12 211100.00Valuation Cost Basis1136.71-44.49Provisional Boundary Artifact
32015 04 062015 04 061100.00Valuation Cost Basis3765.97-17.61Provisional Harmless Early Accumulation
42015 04 082015 04 081100.00Valuation Cost Basis3972.53-14.09Provisional Harmless Early Accumulation
52015 04 122015 04 121100.00Valuation Cost Basis4378.90-10.86Provisional Harmless Early Accumulation
62015 04 152015 04 173100.00Valuation Cost Basis4689.55-5.96Provisional Harmless Early Accumulation
72015 04 232015 04 242100.00Valuation Cost Basis5488.50-10.98Provisional Harmless Early Accumulation
82015 04 292015 04 291100.00Valuation Cost Basis6098.85-6.78Provisional Harmless Early Accumulation
92015 05 042015 05 041100.00Valuation Cost Basis6588.40-11.93Provisional Harmless Early Accumulation
102015 05 232015 05 231100.00Valuation Cost Basis8483.92-11.88Provisional Harmless Early Accumulation
112022 06 132022 06 131100.00Valuation Cost Basis14115.26-29.79Pending Cluster Review
122022 06 162022 06 227100.00Valuation Cost Basis13829.17-22.54Pending Cluster Review

Cluster Classification Counts

Pending Cluster Review15
Provisional Boundary Artifact5
Provisional Harmless Early Accumulation10

continuous all-history negative-control test: counts every alert day outside labelled bottom windows, not only hand-picked guard regimes.

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Shows supporting details for Pending cluster state Machine audit. Use it as context for the surrounding score, diagnostic, or research summary.

Pending Cluster State-Machine Audit

Pending Clusters Reviewed15
State Machine Would Filter15
Would Not Filter0
Non-Pending Excluded15
Mature Stabilisation Reclaim Blockers5
Mature Reclaim Blocker Cluster Ids16, 18, 19, 20, 21

Stabilisation Status Counts

Pass5
Provisional10

Missing Gate Counts

Reclaim15
Stabilisation10

Lower-Low Failure Clock Summary

Clusters With Clock Below 21d10
Clusters With Clock 21d Or More5
Clusters With Clock Missing0

Suggested Guard Counts

Lower Low Failure Or Reclaim Required15
ClusterStartState At StartLower Low Failure Days At StartStabilisation Status At StartFilter VerdictSuggested GuardMissing Gates
112022 06 13Exhaustion0ProvisionalFiltered Missing Confirmed Stabilisation Or ReclaimLower Low Failure Or Reclaim Requiredreclaim, stabilisation
122022 06 16Exhaustion0ProvisionalFiltered Missing Confirmed Stabilisation Or ReclaimLower Low Failure Or Reclaim Requiredreclaim, stabilisation
132022 06 24Exhaustion6ProvisionalFiltered Missing Confirmed Stabilisation Or ReclaimLower Low Failure Or Reclaim Requiredreclaim, stabilisation
142022 06 26Exhaustion8ProvisionalFiltered Missing Confirmed Stabilisation Or ReclaimLower Low Failure Or Reclaim Requiredreclaim, stabilisation
162022 07 09Stabilisation21PassFiltered Missing Confirmed Stabilisation Or ReclaimLower Low Failure Or Reclaim RequiredReclaim
182022 07 17Stabilisation29PassFiltered Missing Confirmed Stabilisation Or ReclaimLower Low Failure Or Reclaim RequiredReclaim
192022 07 25Stabilisation37PassFiltered Missing Confirmed Stabilisation Or ReclaimLower Low Failure Or Reclaim RequiredReclaim
202022 08 27Stabilisation70PassFiltered Missing Confirmed Stabilisation Or ReclaimLower Low Failure Or Reclaim RequiredReclaim
212022 08 31Stabilisation74PassFiltered Missing Confirmed Stabilisation Or ReclaimLower Low Failure Or Reclaim RequiredReclaim
222022 09 06Exhaustion0ProvisionalFiltered Missing Confirmed Stabilisation Or ReclaimLower Low Failure Or Reclaim Requiredreclaim, stabilisation
232022 09 13Exhaustion7ProvisionalFiltered Missing Confirmed Stabilisation Or ReclaimLower Low Failure Or Reclaim Requiredreclaim, stabilisation
242022 09 16Exhaustion10ProvisionalFiltered Missing Confirmed Stabilisation Or ReclaimLower Low Failure Or Reclaim Requiredreclaim, stabilisation
252022 09 19Exhaustion13ProvisionalFiltered Missing Confirmed Stabilisation Or ReclaimLower Low Failure Or Reclaim Requiredreclaim, stabilisation
262022 09 21Exhaustion0ProvisionalFiltered Missing Confirmed Stabilisation Or ReclaimLower Low Failure Or Reclaim Requiredreclaim, stabilisation
272022 09 27Exhaustion6ProvisionalFiltered Missing Confirmed Stabilisation Or ReclaimLower Low Failure Or Reclaim Requiredreclaim, stabilisation

Audits only pending outside-alert clusters and asks whether the stricter state machine, including the lower-low failure clock when price history is available, would have filtered them before bottom_likely; it is an explanation tool, not a retroactive reliability upgrade.

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Shows supporting details for Reclaim requirement audit. Use it as context for the surrounding score, diagnostic, or research summary.

Reclaim Requirement Audit

Reclaim Required For Bottom LikelyYes
Current Reclaim StatusMissing
Pending Clusters Missing Reclaim15
Mature Stabilisation Reclaim Blockers5
Historical Reclaim Blocker Cluster Ids16, 18, 19, 20, 21
Next Data TaskAdd Or Validate Pit Safe Cost Basis Reclaim Inputs

Required Inputs

  • price_vs_realized_price
  • price_vs_sth_realized_price

Current Missing Reclaim Inputs

  • price_vs_realized_price
  • price_vs_sth_realized_price

Cost-basis reclaim is the final state-machine confirmation layer after stabilisation; adding or validating it is a guard-design data task, not a reliability upgrade by itself.

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Shows supporting details for Reclaim input availability audit. Use it as context for the surrounding score, diagnostic, or research summary.

Reclaim Input Availability Audit

Input ReadinessMissing Required Reclaim Inputs
ChartInspect Metrics Seen13
Available Required InputsNone
Missing Required InputsPrice Vs Realized Price, Price Vs STH Realized Price
Next Data TaskSource Or Derive Pit Safe Realized Price Reclaim Series
InputStatusPIT SafeLatest Date
Price Vs Realized PriceMissingNoUnknown
Price Vs STH Realized PriceMissingNoUnknown

Cost-basis reclaim input availability audit: this identifies missing data needed for the reclaim gate and is not a signal upgrade or reliability upgrade by itself.

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Shows whether missing reclaim inputs are directly available or only derivable candidates requiring provider-definition, formula, cross-provider, and PIT validation.

Reclaim Source Candidate Audit

Reclaim ReadyNo
PIT Safe Reclaim Inputs AvailableNo
Substitute Metrics AllowedNo
Direct Required Inputs AvailableNone
Derivable Unvalidated InputsPrice Vs Realized Price, Price Vs STH Realized Price
Next Data TaskDerive Candidate Reclaim Series Then Cross Provider Validate
Required InputDirect SourceDerivation CandidateSource MetricsCandidate StatusPIT SafeValidation Required
Price Vs Realized PriceMissingDerive From NUPL FormulaNUPLDerivable UnvalidatedNoConfirm Provider Definition And Cross Provider Formula
Price Vs STH Realized PriceMissingDerive From STH NUPL FormulaSTH NUPLDerivable UnvalidatedNoConfirm Provider Definition And Cross Provider Formula

NUPL/STH-NUPL derivations are candidates for deriving cost-basis reclaim ratios, not substitutes for validated reclaim inputs. They must pass provider-definition, formula, cross-provider, and point-in-time checks before use.

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Derives diagnostic candidate reclaim ratios from NUPL-like metrics while keeping them blocked from scoring until formula, provider, cross-provider, and PIT checks pass.

Reclaim Candidate Derivation Preview

Series StatusCandidate Only Not Signal Input
Reclaim ReadyNo
PIT SafeNo
Formula Assumptionprice_to_cost_basis_ratio = 1 / (1 - nupl_like_value)
Latest Candidate Reclaim PassedNo
Next Validation TaskCross Provider Validate Candidate Reclaim Formula
Required InputSource MetricLatest DateLatest Source ValueLatest Candidate RatioLatest Reclaim StatusRows DerivedPromotion Status
Price Vs Realized PriceNUPL2026 08 180.181.22Above Cost Basis5001Blocked Pending Formula And Cross Provider Validation
Price Vs STH Realized PriceSTH NUPL2026 08 18-0.050.96Below Cost Basis5001Blocked Pending Formula And Cross Provider Validation

Derived reclaim ratios are diagnostic candidate series only, not promoted signal inputs. Formula assumptions, vendor definitions, cross-provider agreement, and point-in-time availability must be validated first.

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Applies the derived candidate ratios to the reclaim gate while explicitly blocking promotion when either ratio fails or validation is incomplete.

Candidate Reclaim Gate Audit

Candidate Reclaim PassedNo
Signal Reclaim Gate StatusBlocked Candidate Reclaim Not Passed
Promotion AllowedNo
PIT SafeNo
Required Candidate InputsPrice Vs Realized Price, Price Vs STH Realized Price
Next Validation TaskCross Provider Validate Candidate Reclaim Formula

Blockers

  • price_vs_sth_realized_price_candidate_below_cost_basis
  • formula_and_cross_provider_validation_missing
  • point_in_time_validation_missing
Required InputCandidate RatioCandidate StatusPasses Candidate GatePIT Safe
Price Vs Realized Price1.22Above Cost BasisYesNo
Price Vs STH Realized Price0.96Below Cost BasisNoNo

Candidate reclaim gate cannot promote into the live signal until both candidate ratios pass and formula, cross-provider, and point-in-time validation are complete.

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Checks whether NUPL/STH-NUPL provider definitions actually support the candidate cost-basis reclaim formula. Formula validation alone still cannot promote a signal without cross-provider and PIT replay.

Cost-Basis Reclaim Validation Harness

Provider Definition Registry StatusLoaded
Overall StatusBlocked
Formula Validated Count0
Promotion AllowedNo
Next Validation TaskConfirm Provider Definitions Then Compare Cross Provider Reclaim Crossings
Required InputSource MetricProvider Definition StatusFormula StatusCandidate RatioCandidate OnlyPromotion AllowedBlockers
Price Vs Realized PriceNUPLNeeds Manual ReviewBlocked Definition Ambiguous1.22YesNoAggregate Denominator Not Confirmed As Market Cap, Aggregate Numerator Not Confirmed As Market Cap Minus Realized Cap, Aggregate Provider Definition Not Confirmed, Aggregate Smoothing Unknown Or Nonzero, Aggregate Supply Basis Not Confirmed Same, Aggregate Timestamp Convention Unknown, Cross Provider Validation Missing, Point In Time Validation Missing
Price Vs STH Realized PriceSTH NUPLNeeds Manual ReviewBlocked Definition Ambiguous0.96YesNoCross Provider Validation Missing, Point In Time Validation Missing, STH Cohort Boundary Not Confirmed Age Days Lt 155, STH Cohort Cutoff Not Confirmed 155 Days, STH Denominator Not Confirmed As STH Market Cap, STH Numerator Not Confirmed As STH Market Cap Minus STH Realized Cap, STH Provider Definition Not Confirmed, STH Smoothing Unknown Or Nonzero, STH Supply Basis Not Confirmed Same, STH Timestamp Convention Unknown

Definition Checks

Required InputDenominatorNumeratorSupply BasisCohort Cutoff DaysSmoothingTimestamp Convention
Price Vs Realized PriceUnknownUnknownUnknownUnknownUnknownUnknown
Price Vs STH Realized PriceUnknownUnknownUnknownUnknownUnknownUnknown

Candidate only — not a signal input. Formula validation is necessary but insufficient; cross-provider validation and PIT replay must also pass before any reclaim candidate can be promoted.

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Compares candidate reclaim ratios against independent provider exports and crossing dates. Planned/missing exports keep promotion blocked; passing numeric checks still require PIT replay.

Cross-Provider Reclaim Validation

Registry StatusLoaded
Overall StatusBlocked Cross Provider Incomplete
Source Count6
Ready Source Count1
Validated Required Inputs0
Provider Pass Counts{'price_vs_realized_price': 0, 'price_vs_sth_realized_price': 0}
Independent Family Counts{'price_vs_realized_price': 0, 'price_vs_sth_realized_price': 0}
Promotion AllowedNo
Next Validation TaskAdd Two Independent Exports Per Reclaim Input Then Run Pit Replay
ProviderRequired InputModeSource StatusComparison StatusOverlap DaysMedian Abs % ErrorP95 Abs % ErrorCrossing DisagreementsUsed In SignalBlockers
Coinmetrics CommunityPrice Vs Realized PriceDirect Ratio FieldExport AvailableFail Numeric Or Crossing Tolerance50000.362.099NoCross Provider Numeric Tolerance Not Passed, Point In Time Validation Missing, Second Independent Provider Missing
BlockchaincomPrice Vs Realized PriceDirect Ratio FieldCandidate Cross Check AvailableBlocked Source Not Available0UnknownUnknownUnknownNoPoint In Time Validation Missing, Provider Export Missing, Second Independent Provider Missing
GlassnodePrice Vs Realized PriceDirect Ratio ComparisonPlanned Paid ReferenceBlocked Source Not Available0UnknownUnknownUnknownNoPoint In Time Validation Missing, Provider Export Missing, Second Independent Provider Missing
GlassnodePrice Vs STH Realized PriceDirect Ratio ComparisonPlanned Paid ReferenceBlocked Source Not Available0UnknownUnknownUnknownNoPoint In Time Validation Missing, Provider Export Missing, Second Independent Provider Missing
Bitbo Or Newhedge Or BmpPrice Vs STH Realized PriceDirect Ratio ComparisonBlocked No Free No Key Export ConfirmedBlocked Source Not Available0UnknownUnknownUnknownNoPoint In Time Validation Missing, Provider Export Missing, Second Independent Provider Missing
Raw Utxo Pipeline FuturePrice Vs STH Realized PriceRaw Utxo Computed RatioResearch Project Not SourceBlocked Source Not Available0UnknownUnknownUnknownNoPoint In Time Validation Missing, Provider Export Missing, Second Independent Provider Missing

Cross-provider validation is a blocker audit only. Even passing comparisons cannot affect live score, state, bottom_likely, alerting, or reliability until provider definitions and PIT replay also pass.

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Records immutable provider export hashes, schemas, date coverage, and revision mismatches. Missing or changed exports block validation and never affect the live signal.

Provider Export Manifest

Overall StatusBlocked Exports Missing Or Revised
Source Count6
Export Count1
Missing Export Count5
Revision Mismatch Count0
Promotion AllowedNo
Next Validation TaskCapture Provider Exports With Downloaded At And Sha256 Then Run Pit Replay
ProviderRequired InputSource StatusFormatRowsStart DateEnd DateManifest StatusSHA256Schema HashUsed In SignalBlockers
Coinmetrics CommunityPrice Vs Realized PriceExport AvailableJson58312010 07 182026 07 04RecordedB28b03eaef9e0d7c9d62973bef9cd47d4c8b3a0cb527fa4c505041fcf69740e1F1a09502ed5c2d00f9f9e53c65695648178a1e212f1b660e0f05492d70bc31b1NoPoint In Time Snapshot Missing, Provider Definition Validation Required
BlockchaincomPrice Vs Realized PriceCandidate Cross Check AvailableUnknown0UnknownUnknownMissing ExportUnknownUnknownNoPoint In Time Snapshot Missing, Provider Definition Validation Required, Provider Export Missing
GlassnodePrice Vs Realized PricePlanned Paid ReferenceUnknown0UnknownUnknownMissing ExportUnknownUnknownNoPoint In Time Snapshot Missing, Provider Definition Validation Required, Provider Export Missing
GlassnodePrice Vs STH Realized PricePlanned Paid ReferenceUnknown0UnknownUnknownMissing ExportUnknownUnknownNoPoint In Time Snapshot Missing, Provider Definition Validation Required, Provider Export Missing
Bitbo Or Newhedge Or BmpPrice Vs STH Realized PriceBlocked No Free No Key Export ConfirmedUnknown0UnknownUnknownMissing ExportUnknownUnknownNoPoint In Time Snapshot Missing, Provider Definition Validation Required, Provider Export Missing
Raw Utxo Pipeline FuturePrice Vs STH Realized PriceResearch Project Not SourceUnknown0UnknownUnknownMissing ExportUnknownUnknownNoPoint In Time Snapshot Missing, Provider Definition Validation Required, Provider Export Missing

Provider export manifests are immutable evidence records. Hash mismatches are treated as revision/backfill risk and no export can affect live score, state, alerting, or reliability without PIT snapshot replay.

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Checks whether labelled-bottom and negative-control decision windows have immutable known-at snapshots. Missing, late, or revised snapshots block replay and promotion.

PIT Replay Readiness

Overall StatusBlocked Pit Snapshots Missing
Required Window Count6
Snapshot Count0
Covered Window Count0
Missing Window Count6
Known-At Violation Count0
Hash Mismatch Count0
Replay AllowedNo
Promotion AllowedNo
Next Validation TaskCapture Known At Snapshots For Labelled Bottom And Negative Control Windows
WindowTypeDecision DateSnapshotCoverage StatusKnown-At ValidHash StatusMissing InputsUsed In SignalBlockers
Bottom 2015Labelled Bottom2015 01 14UnknownMissing SnapshotNoMissing SnapshotPrice Vs Realized Price, Price Vs STH Realized PriceNoPit Snapshot Missing
Bottom 2018Labelled Bottom2018 12 15UnknownMissing SnapshotNoMissing SnapshotPrice Vs Realized Price, Price Vs STH Realized PriceNoPit Snapshot Missing
Bottom 2020Labelled Bottom2020 03 12UnknownMissing SnapshotNoMissing SnapshotPrice Vs Realized Price, Price Vs STH Realized PriceNoPit Snapshot Missing
Bottom 2022Labelled Bottom2022 11 21UnknownMissing SnapshotNoMissing SnapshotPrice Vs Realized Price, Price Vs STH Realized PriceNoPit Snapshot Missing
Guard 2021 Q1Negative Control2021 01 08UnknownMissing SnapshotNoMissing SnapshotPrice Vs Realized Price, Price Vs STH Realized PriceNoPit Snapshot Missing
Guard 2024 ETF HypeNegative Control2024 03 14UnknownMissing SnapshotNoMissing SnapshotPrice Vs Realized Price, Price Vs STH Realized PriceNoPit Snapshot Missing

PIT replay readiness is a blocker audit only. Snapshots must prove data was known by each decision date before reclaim, state, bottom_likely, alerting, or reliability can use the evidence.

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Shows supporting details for Pit replay execution. Use it as context for the surrounding score, diagnostic, or research summary.

PIT Replay Execution

Overall StatusBlocked Pit Replay Inputs Not Ready
Readiness StatusBlocked Pit Snapshots Missing
Window Count6
Replayed Window Count0
Blocked Window Count6
Candidate False Positive Count0
Candidate False Negative Count0
Promotion AllowedNo
Reliability Upgrade AllowedNo
Next Validation TaskPopulate Known At Snapshots Then Execute Replay Without Promoting Results
WindowTypeDecision DateSnapshotReplay StatusGate ReplayedReclaim PassedExpected BottomOutcomeUsed In SignalPromotion AllowedBlockers
Bottom 2015Labelled Bottom2015 01 14UnknownBlocked Inputs Not ReadyNoNoYesNot EvaluatedNoNoPit Readiness Not Passed, Pit Snapshot Missing
Bottom 2018Labelled Bottom2018 12 15UnknownBlocked Inputs Not ReadyNoNoYesNot EvaluatedNoNoPit Readiness Not Passed, Pit Snapshot Missing
Bottom 2020Labelled Bottom2020 03 12UnknownBlocked Inputs Not ReadyNoNoYesNot EvaluatedNoNoPit Readiness Not Passed, Pit Snapshot Missing
Bottom 2022Labelled Bottom2022 11 21UnknownBlocked Inputs Not ReadyNoNoYesNot EvaluatedNoNoPit Readiness Not Passed, Pit Snapshot Missing
Guard 2021 Q1Negative Control2021 01 08UnknownBlocked Inputs Not ReadyNoNoNoNot EvaluatedNoNoPit Readiness Not Passed, Pit Snapshot Missing
Guard 2024 ETF HypeNegative Control2024 03 14UnknownBlocked Inputs Not ReadyNoNoNoNot EvaluatedNoNoPit Readiness Not Passed, Pit Snapshot Missing

PIT replay execution is validation-only. Even clean replay rows are not live proof and cannot change score, state, bottom_likely, alerting, reclaim promotion, or reliability without cross-provider validation and future out-of-sample evidence.

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Shows supporting details for Sth self Collection readiness. Use it as context for the surrounding score, diagnostic, or research summary.

STH Self-Collection Readiness

Overall StatusResearch Only Connector Smoke Passed
Collector StatusConnector Smoke Passed
Collector CompletenessStale Not Tip Aligned
Real Data ConnectorBlockstream Public Api Plus Coinmetrics Priceusd
Price SourceCoinmetrics Community Priceusd
Forward Index DBpostgresql://***
First Snapshot Date2026 08 19
30-Day Shadow Date2026 09 17
90-Day Shadow Date2026 11 16
Full 155-Day Cohort Date2027 01 20
Meaningful Shadow Series30 To 90
Out-Of-Sample RequirementFuture Bottom Like Event
Used In SignalNo
Promotion AllowedNo
Reliability Upgrade AllowedNo

Latest Connector Smoke

Smoke StatusConnector Smoke Passed
Height956700
Block Date2026 07 04
Indexed TX Count25
Output Count67
Spend Count42
Partial BlockYes

Latest Catch-Up Run

Catch-Up StatusPartial Catchup Recorded
Start Height963052
End Height963052
Tip Height Seen963064
Indexed Block Count1
Partial Any BlockNo

Latest Daily PIT Candidate Snapshot

Snapshot StatusDaily Snapshot Recorded
Snapshot IDRaw Utxo STH Forward 2026 07 06
Decision Date2026 07 06
Known At UTC2026-07-06T10:21:58Z
Downloaded At UTC2026-07-06T10:21:58Z
SHA256 HashE33ae91ec96d9f8e18749da5e8859fe69045d73fbf9f1539419d4a1f61abd6c4
Schema Hash6cd256ea86ececed1eac3060cc9851d810e1bbd4bb709179655a232158a13bd5
Coverage StatusStale Not Tip Aligned
Has Full 155 Day CoverageNo
Used In SignalNo
Promotion AllowedNo

Forward Archive Completeness

Coverage StatusStale Not Tip Aligned
Indexed Block Count28306
Full Block Count28306
Partial Block Count0
Tip Height Seen963064
Gap To Tip Blocks12
Missing Height Count0
Continuous Indexed Block Count From Tip0
Continuous Coverage Days From Tip0
Has Full 155 Day CoverageNo

Accounting Rules

  • track_utxo_creation_date_and_value
  • remove_outputs_spent_on_or_before_decision_date
  • include_only_outputs_age_lt_155_days
  • weight_cost_basis_by_value_btc_times_price_at_creation
  • archive_daily_snapshot_with_downloaded_at_and_sha256
  • continuous_forward_block_indexing_for_155_days_before_full_cohort_claim

Blockers

  • current_vintage_is_not_pit
  • full_155_day_forward_cohort_not_indexed_yet
  • price_feed_versioning_required
  • entity_adjustment_not_implemented
  • independent_provider_comparison_missing
  • future_out_of_sample_event_missing

Self-collection now has a working public block/transaction connector for forward indexing. It remains validation-only: a full 155-day STH cohort requires continuous indexing, archived price feed versions, and future out-of-sample validation.

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Shows supporting details for Sth reclaim source discovery. Use it as context for the surrounding score, diagnostic, or research summary.

STH Reclaim Source Discovery

StatusSTH Direct Free No Key Source Still Not Confirmed
Used In SignalNo
Promotion AllowedNo
ConclusionAggregate reclaim has a free Coin Metrics candidate export; direct STH reclaim remains unresolved. The self-collected forward UTXO path remains the only current no-key STH track and must stay research-only until full cohort, provider comparison, and PIT replay are available.
SourceAccessHTTPCandidate StatusFinding
Coin Metrics Community catalogFree No Key200Aggregate Reclaim Only Not STH ReclaimBTC community catalog exposes aggregate NUPL and CapMVRV metrics plus STH SOPR age-band metrics, but no direct STH realized price, STH-MVRV, or STH-NUPL metric was found.
Blockchain.com chart APIFree No Key404Not Currently ExportablePreviously suspected MVRV/realized-price endpoints returned 404 from the VPS during this check.
Bitbo guessed static STH endpointFree No Key Guess404Not ConfirmedGuessed JSON endpoint returned 404; no confirmed no-key STH export found.
Bitcoin Magazine Pro STH pagePublic Html Chart Page200Chart Page Only Or Requires Further Reverse EngineeringPublic HTML page loads, but no stable no-key machine-readable export was confirmed in this pass.

Source-discovery audit only. It cannot promote STH reclaim, change bottom_likely, loosen gates, or raise reliability.

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Shows supporting details for Negative Control null tests. Use it as context for the surrounding score, diagnostic, or research summary.

Negative-Control Null Tests

Overall StatusBlocked Negative Control Noise Detected
Family Threshold5
Daily Rows Evaluated5001
Control Window Count84
Family Weighted Alert Days1075
Candidate Reclaim Alert Days0
Replay AllowedNo
Promotion AllowedNo
Reliability Upgrade AllowedNo
Next Validation TaskRun Same Negative Controls In Strict Pit Replay After Snapshots Exist

Control Groups

GroupWindowsWindows With AlertsFamily Alert DaysCandidate Reclaim Alert DaysVerdict
Shifted Label Controls1651640Noise Detected
Deterministic Random Non Bottom64159110Noise Detected
Bull Market Rally Guards4000Quiet

Sample Windows

WindowGroupTypeStartEndDays EvaluatedFamily Alert DaysCandidate Reclaim Alert DaysUsed In SignalPromotion AllowedVerdict
Shift 2015 Cycle Bottom 365dShifted Label ControlsShifted Label Control2014 01 012014 02 285900NoNoQuiet Control Window
Shift 2015 Cycle Bottom 180dShifted Label ControlsShifted Label Control2014 07 052014 09 015920NoNoNoise Detected
shift_2015_cycle_bottom_+180dShifted Label ControlsShifted Label Control2015 06 302015 08 2759210NoNoNoise Detected
shift_2015_cycle_bottom_+365dShifted Label ControlsShifted Label Control2016 01 012016 02 285900NoNoQuiet Control Window
Shift 2018 Cycle Bottom 365dShifted Label ControlsShifted Label Control2017 11 152018 02 2810600NoNoQuiet Control Window
Shift 2018 Cycle Bottom 180dShifted Label ControlsShifted Label Control2018 05 192018 09 01106420NoNoNoise Detected
shift_2018_cycle_bottom_+180dShifted Label ControlsShifted Label Control2019 05 142019 08 2710600NoNoQuiet Control Window
shift_2018_cycle_bottom_+365dShifted Label ControlsShifted Label Control2019 11 152020 02 2810600NoNoQuiet Control Window
Shift 2020 Covid Capitulation 365dShifted Label ControlsShifted Label Control2019 03 022019 05 0161190NoNoNoise Detected
Shift 2020 Covid Capitulation 180dShifted Label ControlsShifted Label Control2019 09 032019 11 026100NoNoQuiet Control Window
shift_2020_covid_capitulation_+180dShifted Label ControlsShifted Label Control2020 08 282020 10 276100NoNoQuiet Control Window
shift_2020_covid_capitulation_+365dShifted Label ControlsShifted Label Control2021 03 012021 04 306100NoNoQuiet Control Window
Shift 2022 Cycle Bottom 365dShifted Label ControlsShifted Label Control2021 11 012022 01 319200NoNoQuiet Control Window
Shift 2022 Cycle Bottom 180dShifted Label ControlsShifted Label Control2022 05 052022 08 0492800NoNoNoise Detected
shift_2022_cycle_bottom_+180dShifted Label ControlsShifted Label Control2023 04 302023 07 309200NoNoQuiet Control Window
shift_2022_cycle_bottom_+365dShifted Label ControlsShifted Label Control2023 11 012024 01 319200NoNoQuiet Control Window
Random Null 001Deterministic Random Non BottomDeterministic Random Non Bottom2012 12 032013 03 049200NoNoQuiet Control Window
Random Null 002Deterministic Random Non BottomDeterministic Random Non Bottom2012 12 272013 03 289200NoNoQuiet Control Window
Random Null 003Deterministic Random Non BottomDeterministic Random Non Bottom2013 01 042013 04 059200NoNoQuiet Control Window
Random Null 004Deterministic Random Non BottomDeterministic Random Non Bottom2013 01 172013 04 189200NoNoQuiet Control Window

Negative-control/null tests evaluate shifted labelled windows, deterministic non-bottom windows, and bull-market rally guards. They are research-only and cannot promote reclaim, bottom_likely, or reliability without strict PIT replay.

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Machine-readable taxonomy for raw, diagnostic, candidate-only, validated, and promoted inputs. Candidate-only metrics must not enter score, state, alerting, or reliability.

Validation Status Matrix

Registry StatusPass
Metric Count7
Candidate Only Count2
Promoted Candidate Metric Count0
MetricStatusCandidate OnlyUsed In ScoreUsed In State MachinePIT SafeCross Provider ValidatedFormula ValidatedBlockers
MVRV Z ScoreRaw ObservedNoYesYesNoNoNoPit Replay Missing, Cross Provider Validation Missing
NUPLRaw ObservedNoYesYesNoNoNoPit Replay Missing, Cross Provider Validation Missing
Puell MultipleRaw ObservedNoYesYesNoNoNoPit Replay Missing, Cross Provider Validation Missing
Reserve RiskRaw ObservedNoYesYesNoNoNoPit Replay Missing, Cross Provider Validation Missing
SOPRRaw ObservedNoYesYesNoNoNoPit Replay Missing, Cross Provider Validation Missing
Price Vs Realized PriceCandidate OnlyYesNoNoNoNoNoFormula Validation Missing, Provider Definition Unconfirmed, Cross Provider Validation Missing, Point In Time Validation Missing
Price Vs STH Realized PriceCandidate OnlyYesNoNoNoNoNoFormula Validation Missing, Provider Definition Unconfirmed, Cross Provider Validation Missing, Point In Time Validation Missing

Validation taxonomy: candidate-only metrics are research diagnostics and cannot affect score, state-machine promotion, bottom_likely, alerting, or reliability until formula, provider-definition, cross-provider, and PIT replay checks pass.

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Shows supporting details for Signal change rules. Use it as context for the surrounding score, diagnostic, or research summary.

Signal Change Rules

Current VerdictHold At Stabilisation
Next Upgrade TriggerCost Basis Reclaim Inputs Confirmed
Next Downgrade TriggerCapitulation Or Deep Value Gate Lost
Reliability Upgrade AllowedNo

What Would Upgrade The State

ConditionStatusRequired EvidenceEffect
Lower Low Failure Days At Least 21PassPrice remains above the post-ATH low for at least 21 days without resetting the lower-low clock.Upgrade state from exhaustion to stabilisation only; not bottom_likely by itself.
Cost Basis Reclaim Inputs ConfirmedMissingPrice/realized-price and price/STH-realized-price reclaim inputs are available and pass in strict PIT mode.Allows reclaim gate consideration after stabilisation; still requires PIT integrity.
Strict Pit Snapshot Replay CompleteBlockedKnown-at or archived snapshot replay proves the primary inputs were available before each historical decision date.Can remove PIT cap pressure but does not auto-raise reliability without live proof.

What Would Downgrade The State

ConditionStatusRequired EvidenceEffect
New Lower Low Resets Failure CountMonitorA fresh post-ATH closing low appears; lower_low_failure_days resets below the stabilisation threshold.Keep or return state to exhaustion; suppress bottom_likely routing.
Capitulation Or Deep Value Gate LostMonitorLoss-taking/valuation gates no longer pass on fresh source data.Downgrade toward deep_value/capitulation/normal_bear depending on remaining gates.
Primary Inputs Stale Or Known After DecisionMonitorAny primary ChartInspect/on-chain input is stale, missing, revised after the decision date, or cannot be replayed point-in-time.Suppress or cap alerts under PIT policy.

What Would Raise Reliability

ConditionStatusRequired EvidenceEffect
Future Live Capitulation Event ResolvedBlocked Until Future OutcomeA future live false-setup or capitulation event resolves after this model version was already published.Only then can forward predictive evidence improve; pending setups do not count.
Cross Provider Validation CompleteBlockedIndependent provider or reproducible source confirms primary on-chain families and timing.Can support reliability upgrade after PIT replay and live proof.

Explicit what would change the signal rules: state upgrades need fresh confirmation gates, while reliability upgrades remain blocked until PIT replay, future live outcomes, and cross-provider validation exist.

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Shows supporting details for Score distribution histogram. Use it as context for the surrounding score, diagnostic, or research summary.

Score Distribution Histogram

Total Days5000
Days 90+530
Days 95+168
Saturated 100 Days157
Score RangeDays%
0 49371074.20
50 694529.04
70 791763.52
80 891322.64
90 943627.24
95 99110.22
100 1001573.14

Shows whether scores bunch near 90-100, which explains threshold cliffs and saturation risk.

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Re-runs the promoted threshold at +/-5/10/15% to show whether the result is robust or fragile to small tuning changes.

Threshold Perturbation

Base Threshold95.00
VerdictRobust
Delta %ThresholdDetected WindowsMissed WindowsOutside Alert Days
-1580.7540307
-1085.5040304
-590.254063
095.004063
599.754062
10100.004062
15100.004062

Perturbs the promoted threshold by +/-5/10/15% to detect fragile threshold tuning.

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Drops correlated on-chain metric families one at a time to test whether the signal is genuinely robust or over-dependent on one duplicated evidence family.

Metric Dropout Robustness

VerdictReview Independence Not Indicator Count
Baseline Detected Windows4
Baseline Outside Alerts63
Dropped FamilyDetected WindowsMissed WindowsOutside Alert DaysVerdict
Drop MVRV NUPL040Depends On Family
Drop SOPR Family040Depends On Family
Drop Puell040Depends On Family
Drop Reserve Risk Rhodl040Depends On Family
Drop Supply In Profit4063Survives
Drop Realized Loss4063Survives

Independence warning: the primary signal is not 13 independent votes. Dropout testing shows dependence on correlated on-chain families; treat this as one strong on-chain evidence cluster plus supporting diagnostics.

Drops correlated metric families one at a time to test whether the signal is genuinely robust or just a single duplicated evidence family.

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Groups ChartInspect/on-chain metrics into correlated evidence families so 13 related metrics are not misread as 13 independent votes.

Dependency-Aware Evidence Family Audit

ChartInspect Metrics Seen13
Evidence Family Count5
Independence Adjusted Vote Count5
Metric Count Not Vote CountYes
Duplicated Onchain Vote WarningYes
Next Research TaskUse Family Level Weights Before Any Reliability Upgrade
FamilyMetricsPresent MetricsPrimary MetricsDiagnostic MetricsVote WeightStatus
Valuation Cost Basis4MVRV Z Score, NUPL, LTH NUPL, STH NUPLMVRV Z Score, NUPLLTH NUPL, STH NUPL1Available Correlated Family
Spent Profit Loss5SOPR, LTH SOPR, STH SOPR, Net Realized Profit Loss, Realized Profit LossSOPRLTH SOPR, STH SOPR, Net Realized Profit Loss, Realized Profit Loss1Available Correlated Family
Miner Economic Pressure1Puell MultiplePuell MultipleNone1Available Correlated Family
Holder Age Value2Reserve Risk, Rhodl RatioReserve RiskRhodl Ratio1Available Correlated Family
Breadth Of Pain1Supply In ProfitNoneSupply In Profit1Available Correlated Family

Dependency-aware family audit: ChartInspect/on-chain metrics are grouped as correlated evidence families, not independent votes. Reliability must not rise merely because many related metrics agree.

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Converts raw metric triggers into one vote per evidence family, showing whether correlated metrics would inflate confirmation strength.

Family-Weighted Evidence Audit

Raw Metric Trigger Count9
Family Weighted Trigger Count5
Max Family Weighted Count6
Raw To Family Compression9 To 5
Weighted ReadinessWeighted Exhaustion Without Reclaim
Reliability Upgrade AllowedNo
Next Research TaskBacktest Family Weighted Thresholds Point In Time
FamilyStatusMetrics TriggeredRaw TriggersFamily Vote WeightReason
Valuation Cost BasisTriggeredMVRV Z Score, NUPL, STH NUPL31deep valuation/cost-basis stress
Spent Profit LossTriggeredSOPR, STH SOPR21spent-output loss-taking or realized loss stress
Miner Economic PressureTriggeredPuell Multiple11miner/economic pressure
Holder Age ValueTriggeredReserve Risk, Rhodl Ratio21holder-age value stress
Breadth Of PainTriggeredSupply In Profit11broad supply-in-profit pain
Cost Basis ReclaimMissingNone00required reclaim inputs missing

Converts raw metric triggers into family-level votes so correlated metrics cannot inflate confirmation count. This is a weighting audit, not a signal or reliability upgrade.

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Tests family-vote thresholds against labelled bottom windows and all-history non-bottom alert density before any promotion.

Family-Weighted Threshold Backtest

Threshold UnitFamily Votes
Max Family Weighted Count6
Daily Rows Evaluated5001
Recommended Threshold StatusNo Promotable Threshold Without Reclaim
Next Research TaskAdd Reclaim Inputs Then Rerun Family Weighted Backtest
ThresholdDetected Bottom WindowsMissed Bottom WindowsOutside Alert DaysOutside Alert ClustersVerdict
4401100110Recall With Outside Noise
54061978Recall With Outside Noise
60400Too Strict Or Reclaim Missing

Family-weighted threshold backtest compares family-vote thresholds against labelled bottom windows and all-history non-bottom density. It must be rerun in strict point-in-time mode before promotion or reliability changes.

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Lists observation/known-at delay assumptions, entity-adjustment risk, and backfill/revision risk for each on-chain input. This is the PIT audit scaffold, not a completed vintage replay.

Point-In-Time Data Manifest

PIT Audit CompleteNo
Required Backtest ModeKnown At Date Or Later
Alert EligibilityResearch Only Capped
Strict PIT ModeNo
Inputs Tracked13
InputKnown-At Delay DaysRevision RiskEntity AdjustedUsed In Score
LTH NUPL1MediumNoNo
LTH SOPR2HighYesNo
MVRV Z Score2MediumNoYes
Net Realized Profit Loss2HighYesNo
NUPL2MediumNoYes
Puell Multiple2MediumNoYes
Realized Profit Loss2HighYesNo
Reserve Risk2MediumNoYes
Rhodl Ratio1MediumNoNo
SOPR2HighYesYes

suppress_or_cap_alerts_if_primary_inputs_are_missing_stale_or_known_after_decision

Records realistic known-at delays and revision/backfill risk. Until provider snapshots or vintages are archived, this is a manifest and cap, not a completed PIT audit.

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Shadow architecture that treats bottoms as a process: capitulation, deep value, exhaustion, stabilisation, then reclaim/confirmation. It is not promoted until backtested.

ChartInspect Bottom State Machine

RoleShadow Architecture Until Backtested
Latest StateStabilisation
Bottom LikelyNo
Core Score80.00
Extended Score44.00
Lower Low Failure Days49

State-Machine Gate Table

GateStatusCurrent EvidenceRequiredPIT Safe
CapitulationPassSOPR/STH SOPR near reset or realized loss negative2+ loss-taking signalsNo
Deep ValuePassMVRV/NUPL deep valuevaluation and cost-basis stressNo
ExhaustionPassPuell/Reserve Risk/Supply-in-profit stresscapitulation pressure plus fading loss flowNo
StabilisationPasslower-low failure confirmed for 49 dayslower_low_failure_days >= 21/45/90Yes
ReclaimMissingmissing cost-basis reclaim inputsprice/realized price and price/STH realized price reclaimNo
Pit IntegrityIncompleteManifest Onlyknown-at or snapshot replayNo

Gates Passed

  • capitulation
  • deep_value
  • exhaustion
  • stabilisation

Provisional Gates

  • No provisional gates recorded.

Missing Confirmation Inputs

  • price_vs_realized_price
  • price_vs_sth_realized_price

Shadow state-machine architecture: bottoms are treated as a process requiring capitulation, deep value, exhaustion, stabilisation, and eventually cost-basis reclaim/lower-low confirmation.

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Checks whether each source has enough historical coverage to support promotion. A source can be useful but still not promotable.

Source Coverage Audit

SourceStatusArchive Coverage Adequate For AblationObserved DaysMissing Days
ChartInspectPromotable Historical DailyYes50000
Combined RowsUnknownUnknownUnknownUnknown
Market PricesPromotable Historical DailyYes43080
Research RowsNot Promotable Coverage GapsNo41290
Social Publication ArchivePromotable Historical WindowedYesUnknownUnknown

Archive coverage can be adequate for ablation while the signal itself remains not promoted.

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Summarizes the archived social/news evidence and why it remains diagnostic until precision and guard-window behavior improve.

Historical Social/News Coverage

Archive StatusPromotable Historical Windowed
Source PromotableYes
Signal PromotedNo
Covered Windows15/15
Daily Social/News Rows221
Dated Items284
CandidatePrecisionRecallFalse PositivesFalse NegativesPromotion Recommendation
ChartInspect Plus Social News Confirmation1.000.7501Do Not Promote Signal
ChartInspect With Social News Hype Guard Filter1.000.7501Do Not Promote Signal
Dense Social News Capitulation0.801.0010Do Not Promote Signal
Social News Stress0.501.0040Do Not Promote Signal

Social/news archive now has enough windowed historical coverage for ablation, but its keyword stress signal remains diagnostic unless it improves recall without guard-regime false positives.

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Tracks external Bitcoin bottom frameworks and competitor-style indicators so new work is compared against known alternatives.

External Benchmark Coverage

Benchmarks Tracked13
Promoted BenchmarksChartInspect Core Onchain
Validation Issues0
IDProviderFrameworkCategoryPriorityNext Action
Glassnode Profitability BundleGlassnodeGlassnode profitability and holder-cost-basis metricsOnchain Profitability Bundle2Use as cross-vendor validation if API/export access is available; do not add duplicate metrics unless definitions improve guard-safe performance.

Coverage counts are summarized in data.json; only high-value next candidates are shown here.

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Puts the primary signal, practical strategy backtest, shadow stack, diagnostics, and public benchmark coverage into one comparison table.

Benchmark Comparison

Primary EdgeBest Guard Clean Promoted Signal
Tracked Public Benchmarks13
Promoted Public BenchmarksChartInspect Core Onchain
NameRoleRecall / EventsGuard / DrawdownVerdict
ChartInspect On-Chain PrimaryPromoted Primary1.000Best Guard Clean Promoted Signal
Strategy: ChartInspect AlertStrategy Backtest4 / 4-44.30Practical Entry Baseline
Strategy: 70% Drawdown TriggerStrategy Backtest3 / 4-43.59Simple Drawdown Baseline
Strategy: 60% Drawdown TriggerStrategy Backtest4 / 4-57.17Simple Drawdown Baseline
Stacked Non-Social ShadowShadow Candidate1.000Eligible For Shadow Confirmation Review
Miner Capitulation DiagnosticDiagnostic OnlyUnknown3Do Not Promote Modern Regime Guard Noise
Price Valuation DiagnosticDiagnostic OnlyUnknown60Do Not Promote Coverage Limited Modern Guard Noise
Stablecoin Liquidity DiagnosticDiagnostic OnlyUnknown0Do Not Promote Coverage Limited Recall Gap
Derivatives Stress DiagnosticDiagnostic OnlyUnknown0Diagnostic Only

Compares the promoted signal, strategy outcome backtests, shadow stack, diagnostics, and tracked public benchmark coverage in one table.