# The Bitcoin Credit Stack

Measurements of the Bitcoin-collateralised credit markets: cross-venue rates,
venue criteria, and chain indicators.

The criteria by which every venue is categorised are published and versioned
before any venue is measured against them, and applied evenly to every row.
There is no composite score, no ranking, and no default sort by rate.

## Two kinds of collateral

Bitcoin is the default. The same measurements are made for credit secured by
ether (ether, staking and restaking tokens at their contract rates), and the
two are never added together. 106 venues take ether as collateral.

- On the site: choose Ether under "Secured by", or add ?collateral=eth to a page's address
- In the API: ?collateral=eth on /v1/market/tree, /tree-history, /venue-headline and /venues
- In the MCP: the optional input collateral: 'eth' on get_credit_state, get_credit_state_history, get_venue, list_venues, compare_venues and get_market_composition
- What counts as ether, and how: https://www.bitcoincreditstack.com/methodology#ether

## Coverage as of 2026-10-27

- Venues in the registry: 135
- Indicators in the catalogue: 28 (26 with a current reading)
- Contributing to the current credit-state reading: 85 of 128
- Named as absent: asymmetry_usdaf_ethereum, avalon_finance_bob, broker_fidelity, broker_ibkr, broker_schwab, cefi_arch, cefi_cantor, cefi_coinbase_morpho, cefi_figure, cefi_galaxy, cefi_ledn, cefi_milo, cefi_nexo, cefi_salt, cefi_strike, cefi_tether, cefi_two_prime, cefi_unchained, cefi_xapo, colend_protocol_core, corp_blockchain_group, corp_marathon, corp_metaplanet, corp_riot, corp_strategy, corp_strive, euler_v2_unichain, exactly_optimism, extra_finance_xlend_base, extra_finance_xlend_optimism, fira_ethereum, folks_finance_xchain_avalanche, folks_finance_xchain_base, folks_finance_xchain_ethereum, folks_finance_xchain_monad, justlend_v1_tron, kinza_finance_bsc, layerbank_move, maple_ethereum, silo_v2_avalanche, silo_v2_sonic, tender_finance_arbitrum, zentra_finance_citrea

## Indices and featured measures

- bcsi: Bitcoin Collateral Share Index. How much of all bitcoin is pledged against debt, with new venues kept from moving it. https://www.bitcoincreditstack.com/indicators/bcsi
- bsbs: Bitcoin-Secured Borrow Spread. What borrowing against bitcoin costs over Treasury bills, across venues. https://www.bitcoincreditstack.com/indicators/bsbs
- wrc: Wrapper Reserve Coverage. Whether each wrapped bitcoin is backed, read on our own node. https://www.bitcoincreditstack.com/indicators/wrc
- btc-released-at-fall: Bitcoin liquidations would release at a fall. How much bitcoin liquidations would release if prices fell 10, 20 or 30%, from the positions as they stand. https://www.bitcoincreditstack.com/indicators/btc-released-at-fall

## Machine access

- MCP (read-only): https://mcp.bitcoincreditstack.com/mcp
- Venue pages: https://www.bitcoincreditstack.com/venues
- Indicator catalogue: https://www.bitcoincreditstack.com/indicators
- One page per indicator: https://www.bitcoincreditstack.com/indicators/{id}
- Methodology and criteria: https://www.bitcoincreditstack.com/methodology

## Where the operator holds a position

Aletheia Analytics may hold positions at venues in this dataset. Where it does,
it is disclosed on that venue's row, in its disclosure field — a Composition
fact about that venue, not a property of these measurements.