Net position change metrics, we convert this 30-day change to a relative percentage of the Realized Cap (BTC and ETH) or total supply (Stablecoins).
Next, we construct a simple model to identify whether the market is within a risk-on, or a risk-off environment, respectively:
Risk-on is defined when all three of these major assets are exhibiting net capital inflows.
Risk-off is defined if any of the three major assets starts to exhibit net capital outflows.
