RealizedCap / ThermoCap (RCTC)

The steadier sibling of MCTC: realized cap (the market's cost basis) over thermocap (the security spend). Because both numerator and denominator move slowly, RCTC filters out price noise and shows the structural relationship between capital stored in Bitcoin and capital spent securing it.

Rising RCTC means holders' aggregate cost basis is compounding faster than mining expenditure — long-term adoption outpacing security cost. Its cycle swings are gentle; sharp moves are rare and worth attention.