MarketCap / ThermoCap (MCTC)

Thermocap is every dollar ever paid to miners — the cumulative security spend, a proxy for total resources sunk into producing Bitcoin. MCTC asks: how many times over does the market value the network versus what it cost to secure it?

Tops have historically stretched MCTC into the 30s+ (2013 far higher); bear bottoms compressed it toward single digits. Because thermocap only ever grows, the ratio has a natural downtrend across epochs — compare against recent cycles, not 2011.