NFCI -0.53 · BTC risk 0.215
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FRED NFCI, weekly. Positive is tighter than average, negative is looser. Plotted against the risk metric rather than price because both are normalised measures — a level comparison is at least defensible.
NFCI -0.53 · BTC risk 0.215
Every value plotted for a past date could have been computed on that date. Normalised series expand their window rather than scaling against the full history, so nothing here is drawn using information that did not exist yet — which is also why the early years of a normalised series are dropped rather than shown against a range of one.