Crypto market data is noisy, and some of it is actively misleading. We would rather tell you where the inputs are weak than pretend the number is cleaner than it is. Each item below feeds one or more factors, so its weakness propagates into the score.
Some venues report trades that never changed beneficial ownership, inflating headline volume. The liquidity factor reads the absolute level of reported volume, so inflated volume raises the score directly. This exposure runs the opposite way from the measure used before August 2026, where inflated volume pushed the score down; the change was made because the old sign put untradeable assets at the top, but the wash-trading exposure is a real cost of it. We use aggregated exchange volume rather than a single venue, which dampens the effect but does not remove it.
Total value locked is a useful usage proxy, but the same dollar can be counted more than once — deposited into one protocol, borrowed against, and redeposited into another. The fundamentals factor treats TVL as a rough signal of usage, never as a measure of intrinsic worth, and we lean on the aggregate methodology (DefiLlama) rather than protocol self-reports.
Circulating and total supply are frequently supplied by the projects themselves, and vesting schedules move. The supply lightness factor flags structural dilution overhang, but it cannot verify the exact float or predict when locked tokens will actually hit the market.
The market-wide regime gate compresses a complex market into one number from Bitcoin's trend and dominance. It is deliberately coarse. It will damp a genuine, isolated catalyst in an otherwise quiet market, and it cannot see anything Bitcoin's tape does not.
Heat is a relative, momentum-oriented reading built from imperfect public data. It is designed to be honest about its own inputs rather than authoritative about the asset. Treat it as one structured view among many, not a verdict.
Updated 2026-08-14 · rebuilt daily
This site provides information based on public data. It is not investment advice or a solicitation to buy or sell. The heat score is a deterministic, relative indicator computed by a fixed formula; it does not predict future prices. Trading crypto assets involves risk, including price volatility. Make your own decisions.
Data provided by CoinGecko · TVL / fees / stablecoins: DefiLlama · Fear & Greed: alternative.me
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