Data sources
Directory of the data sources behind BTC Tools: who provides each dataset, what it is used for, how often it updates, how it is retrieved and its known limitations.
Directory
Tiingo end-of-day prices
Market data- Organization
- Tiingo
- URL
- www.tiingo.com
- Data used
- Daily and monthly closes for equities, indices and ETFs
- Daily closes used to estimate treasury-company market capitalisation
- Update frequency
- Daily, after US market close
- Retrieval method
- Server-side API requests, cached in the BTC Tools database (refreshed at most about once every 20 hours).
- Limitations
- End-of-day only; no intraday prices
- Subject to vendor corrections and request limits
- Market cap is derived from price × reported shares and can lag share-count changes
- Used by
- DCA backtester, Bitcoin vs. Everything, Treasury company comparison, mNAV premium stress test
CoinGecko
Market data- Organization
- CoinGecko
- URL
- www.coingecko.com
- Data used
- Live BTC spot price
- Public-company Bitcoin holdings
- Update frequency
- Spot: on page load. Holdings: cached and refreshed periodically
- Retrieval method
- Public API, with cached fallbacks when the service is unavailable.
- Limitations
- Aggregated price can differ slightly from any single exchange
- Holdings depend on company disclosures and may lag recent purchases
- Used by
- Cycle-position suite, Power-law corridor, Price prediction model, Treasury company comparison
Bitcoin daily, weekly and monthly price history
Market data- Organization
- BTC Tools (compiled from market data vendors)
- URL
- btccalcs.com/research/data-sources
- Data used
- Daily closes used for the power-law fit
- Weekly closes for the 200-week moving average
- Monthly closes for long-run comparisons
- Update frequency
- Daily
- Retrieval method
- Stored in the BTC Tools database and extended from vendor feeds.
- Limitations
- Early history (pre-2013) is thin and comes from few venues
- Closes are not intraday highs or lows
- Used by
- Power-law corridor, Cycle-position suite, DCA backtester, Retirement / FIRE calculator
Gold price (monthly)
Market data- Organization
- LBMA and market data vendors
- URL
- www.lbma.org.uk
- Data used
- Monthly gold closes for Bitcoin vs gold and BTC priced in gold
- Update frequency
- Monthly
- Retrieval method
- Monthly closes cached in the BTC Tools database.
- Limitations
- Monthly resolution only
- ETF-based proxies are converted to spot-equivalent levels
- Used by
- Bitcoin vs. Everything
Company filings and disclosures
Company filing- Organization
- SEC EDGAR, TDnet and company investor-relations pages
- URL
- www.sec.gov/edgar
- Data used
- Bitcoin holdings
- Share counts
- Debt and preferred financing terms
- Update frequency
- As companies file (quarterly reports plus ad-hoc announcements)
- Retrieval method
- Reviewed and entered into the treasury company configuration.
- Limitations
- Disclosure timing differs by jurisdiction
- Private companies may only have estimated valuations
- Used by
- Treasury company comparison, Treasury quantum exposure, mNAV premium stress test
Bitcoin blockchain
Primary source- Organization
- Bitcoin network (public ledger)
- URL
- bitcoin.org/bitcoin.pdf
- Data used
- Address and script types
- Whether a public key has been revealed on-chain
- Update frequency
- Continuous (every block)
- Retrieval method
- Public block-explorer data queried at check time.
- Limitations
- Address-level checks cannot see off-chain key management
- Exposure estimates for companies rely on disclosed custody arrangements
- Used by
- Quantum exposure checker, Treasury quantum exposure, Harvest-now-decrypt-later timeline
Source categories
Citations across BTC Tools are labelled with one of these categories so readers can see what kind of evidence supports a claim.
- Primary source: Original documents, protocol specifications or first-hand data.
- Government / regulatory: Statutes, regulators, central banks and official statistics.
- Company filing: Annual reports, 10-K/10-Q, 8-K, prospectuses and exchange disclosures.
- Market data: Prices, volumes and market capitalisation from data vendors.
- Academic research: Peer-reviewed papers and working papers.
- Secondary research: Analysis, reporting and commentary by third parties.
See how the data is used in the methodology.