The Bitcoin Macro Index is a composite on-chain indicator (0-4) that combines four signals to assess the state of the Bitcoin market cycle: Hash Ribbons (30-day vs 60-day hashrate SMA crossover, detects miner capitulation and recovery), % UTXOs in Profit, 2-Year Cost Basis (price vs. the average acquisition cost of coins moved in the last 2 years), and LTH Net Position Change (30d, how much long-term holders have accumulated or distributed).

Each signal contributes 1 point when bullish, so the macro_score ranges from 0 (all four bearish) to 4 (all four bullish).

Unlike the STH Risk Index or Cycle Extreme, which score how stretched or overheated the market is, the Macro Index is a directional read: it counts how many independent on-chain signals currently favor a bullish regime, so the line color runs from red (0, all bearish) to green (4, all bullish).