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Market Report // Price & Performance Analytics
Bitcoin
BTC-USD  ·  Generated 2026-09-11 01:30 UTC  ·  Prices through 2026-09-11
Selected Source Freshness
Dates shown cover selected headline datasets. Individual selectable series may have different observation dates.
Fear & Greed Index 2026-09-11 Daily 0 days old
On-Chain Metrics (headline) 2026-09-09 Daily oldest of MVRV Z-Score, Short-Term Holder MVRV, Long-Term Holder MVRV, Thermocap, Hash Price — 2 days old. Other selectable on-chain series may have different observation dates.
Bitcoin — Daily Risk Brief
Prices through 2026-09-11
Changed (Last 7 Days)
  • Composite risk score rose 0.02 over the past 7 days, to 0.28.
  • Fear & Greed fell to 56 over the past 7 days.
Current Context
  • Price is 38.6% below its all-time high of 124,753 (set 2025-10-06).
  • Price remains 17.6% above its 200-week moving average.
Mixed or Offsetting Signals
  • Point & Figure's intermediate structure (tactical) remains bullish (double top buy), while the asset is still in a 38.6% structural drawdown (current state) from its all-time high.
00
Price History
Full daily candlestick history
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R1
BTC Risk Score
Proprietary composite risk indicator, normalised 0 (lower modelled risk) to 1 (extreme risk)
Current RiskiA proprietary composite 0-1 score derived from multiple market signals. This has not been formally backtested against cycle tops or bottoms, and Bitcoin's trading history offers only a handful of full cycles to test against — treat this as one input, not a standalone signal.
0.28
0 = low risk · 1 = extreme risk
R2
Days Spent in Each Risk Band
Historical distribution of days across the 0.0–1.0 risk score bands
R3
Implied Price at Each Risk Level
Rescales the current price by the ratio between each risk level and today's risk score — a rough map of "what price would this risk level correspond to today"
These are not predictions — they rescale today's price by each risk level's ratio to the current risk score, holding all other inputs constant. Useful as a rough reference grid, not a forecast.
R4
Bubble Risk
Proprietary indicator of how stretched price is above its long-run fair-value trend — positive values indicate price is stretched above the historical trend
Current Bubble RiskiA proprietary measure of how far price has deviated from its long-run fair-value trend. Positive values mean price is stretched above trend; negative means below. Based on a model fitted to prior market cycles.
+0.33
Deviation from fitted baseline
P1
Point & Figure Chart
Classic X/O column chart built from daily high/low with a percentage box grid and 3-box reversal — columns are driven by price movement, not calendar time
Current PriceiThe latest close, shown for reference alongside the P&F grid — the chart itself is scaled in percentage boxes, not raw price.
76,613
3% box · 3-box reversal
Last SignaliThe most recent double or triple top/bottom breakout signal on the chart — a new column's extreme trading beyond the extreme of the prior one or two columns of the same direction.
Double Top Buy
Most recent breakout column
Built using the high-low method (each day's High and Low both tested against the current column, not just its Close) on a percentage/log box grid — appropriate given how far BTC's price has ranged over its history. The dotted lines are the current live bullish support and bearish resistance trendlines, each rising or falling at a true 45° (one box per column) from the most recent chart-to-date pivot low/high.
I1
Price Zones
Price history clustered into 12 price bands via K-Means on log price — visualises how much history has traded at each broad price level
I2
Fear & Greed Index
BTC price coloured by the daily Crypto Fear & Greed Index (alternative.me) — red = extreme fear, green = extreme greed
Current Fear & GreediA 0-100 sentiment index sourced from alternative.me, blending volatility, momentum, social volume, and other market signals. Below 25 is Extreme Fear, above 75 is Extreme Greed.
56
0 = extreme fear · 100 = extreme greed
Price & Moving-Average Family
The next seven charts (Power Trend Line, Pi Cycle Top, 200-Week MA Heatmap, 2-Year MA Multiplier, Golden Ratio Multiplier, Rainbow Price Chart, Bull Market Support Band) all derive from the same underlying inputs — price and various moving averages of it. Several of them agreeing is one family of evidence sharing common inputs, not independent confirmation from separate signals.
I3
Power Trend Line
Genesis-anchored log-log regression of price vs. days since the BTC genesis block — a long-run power-law fair-value trend
I4
Pi Cycle Top Indicator
111-day SMA vs. 2× the 350-day SMA — the two lines crossing has coincided with prior cycle tops within a few days across BTC's limited trading history (a handful of full cycles); descriptive only, not a validated or out-of-sample signal
I5
200-Week MA Heatmap
Price coloured by % distance from its 200-week moving average — extreme readings above this line have coincided with past cycle extremes, but only a handful of such extremes exist in BTC's history; not a validated signal
Current % from 200W SMAiHow far the current price sits above (positive) or below (negative) its 200-week simple moving average, as a percentage.
+17.6%
Above / below 200-week SMA
I6
2-Year MA Multiplier
730-day SMA with 2.5× and 5× bands — price reaching the upper bands has coincided with prior cycle tops, drawn from the same small set of full BTC cycles as the other charts in this group; descriptive only
I7
Golden Ratio Multiplier
350-day SMA multiplied by 1.6×, 2×, 3×, and 5× — Fibonacci-derived bands that have lined up with cycle resistance levels in this limited sample; not a validated or out-of-sample signal
I8
Rainbow Price Chart
Log-regression bands around the power-law trend, from "Fire Sale" to "Maximum Bubble Territory"
I9
Bull Market Support Band
20-week SMA / 21-week EMA band — in past bull markets, price pulling back into this band has often found support, based on a small number of historical instances, not a reliable indicator on its own
I10
Market Cycle Peak ROI
Cumulative ROI measured from each prior cycle top, aligned by day count, alongside the current cycle since its last peak
I11
Market Cycle Bottom ROI
Cumulative ROI measured from each prior cycle bottom, aligned by day count, alongside the current cycle since its last bottom
I12
Profitable Days
Every historical day coloured by whether buying then and holding until today would be profitable
Historically ProfitableiThe percentage of all historical trading days on which buying at that day's close and holding until today would currently show a profit.
88.5%
Of all days, if held to today
I13
Google Search Interest
BTC price vs Google Trends search interest for "bitcoin" — 0-100, relative to the peak within the data shown
Current Search InterestiGoogle Trends' relative search-interest score (0-100) for the term "bitcoin", worldwide, Web Search. 100 is the peak within the window shown, not an all-time absolute peak.
18
0 = minimal interest · 100 = peak interest
O1
MVRV Z-Score
Market cap minus realized cap, divided by the standard deviation of market cap. Extreme high readings have coincided with cycle tops and extreme low readings with cycle bottoms in BTC's limited trading history (a handful of full cycles); descriptive only, not a validated or out-of-sample signal.
Current MVRV Z-Score
0.8495
O2
Short-Term Holder MVRV
MVRV ratio computed only for coins that last moved within roughly the past 155 days — reflects unrealized profit/loss for short-term holders, who tend to be more reactive sellers.
Current Short-Term Holder MVRV
1.1000
O3
Long-Term Holder MVRV
MVRV ratio computed only for coins that last moved more than roughly 155 days ago — reflects unrealized profit/loss for long-term holders, who tend to be stronger-handed.
Current Long-Term Holder MVRV
1.6000
O4
Thermocap
Cumulative USD value of all block rewards and fees ever paid to miners — a security-spend-based valuation floor, since it represents capital that has permanently left the system to pay for network security.
Current Thermocap
93,230,013,460
O5
Hash Price
USD revenue earned per unit of hashrate per day — a proxy for miner profitability; sustained declines have preceded miner capitulation events in this limited sample; not a validated or out-of-sample signal.
Current Hash Price
0.0364
O6
BTC Supply Held by Wallet Size
Total BTC held by addresses in a given balance bucket — pick a bucket from the list below to compare it with price
O7
Bitcoin Address Count by Wallet Size
Number of addresses whose balance falls in a given bucket — pick a bucket from the list below to compare it with price
O8
Profitability & Realized P&L
SOPR, NUPL, realized profit/loss, and realized-price cohorts — pick a metric from the list below to compare it with price
O9
Valuation Models
Market cap, realized cap, MVRV, and other fair-value models — pick a metric from the list below to compare it with price
O10
Network & Miner Health
Miner economics and coin-age/destruction metrics — pick a metric from the list below to compare it with price
O11
Market Structure & ETFs
UTXO set health, dominance, NVT, and spot-ETF flows — pick a metric from the list below to compare it with price
M1
US Macro & Market Context
BTC price plotted against a selectable macro or market series — pick a series from the list below to compare it with BTC on the same chart
14
% Down from All-Time High
Tracks the percentage decline from the most recent All-Time High — deeper values identify drawdown magnitude and duration
Current DrawdowniHow far the current price is below the All-Time High, expressed as a percentage. 0% means a new ATH was just set. The deeper the drawdown, the further the recovery needed to return to ATH.
-38.6%
From ATH of 124752.5312
All-Time HighiThe highest closing price ever recorded in the dataset. All drawdown percentages are measured relative to this reference point.
124752.5312
Set on 2025-10-06
Days Since ATHiNumber of calendar days elapsed since the All-Time High was set. This measures duration only and does not independently classify the current market regime.
340d
Calendar days in drawdown
iPercentage gap between each close and the highest prior close in the stored history. Zero means a new high; more negative means a deeper drawdown — duration matters as much as depth. A deepening drawdown is bearish price action and recovery toward zero is bullish; this isn't a valuation measure and excludes dividends.
15
Historical Volatility
Annualised price fluctuation over rolling 30, 60, and 180-day windows — use dropdown to switch lookback periods
HV 30-DayiStandard deviation of daily log returns over the trailing 30 calendar days, annualised by multiplying by √365 and expressed as a percentage. Captures short-term volatility regime changes.
47.6%
Current annualised
HV 60-DayiRolling 60-day annualised volatility. Smooths out short-term noise and provides a medium-term view of how much the price is fluctuating.
38.8%
Current annualised
HV 180-DayiRolling 180-day annualised volatility. Reflects the long-term structural volatility regime. Compare with 30-day HV — if 30d > 180d, short-term turbulence is elevated relative to the baseline.
38.0%
Current annualised
iAnnualized rolling volatility over 30, 60, and 180 calendar days (about 21, 41, and 124 sessions for an exchange-listed equity). Rising lines mean daily returns are getting more variable; a short window above the long window signals a recent volatility expansion. Non-directional risk — high volatility accompanies both sharp rallies and selloffs, and low volatility is not automatically bullish or safe. See Section 37 for how today's volatility ranks against this instrument's own history.
16
Days Since Price Is Down X%
Days elapsed since the last drawdown threshold entry (10 / 30 / 60 / 80%) — dots mark new episode resets
iDays since the latest 10/30/60/80% decline under this chart's event definition. A low count means a qualifying decline happened recently; a high count means it hasn't in a long time. A recent large decline is bearish historical evidence — a long quiet period does not predict whether a decline is imminent or impossible.
A rising counter means the asset has not experienced a new drawdown of the selected magnitude recently — resilience is building. A counter reset (dot) marks the start of a new correction episode at that severity level.
17
Days Since Price Is Up X%
Days since the price gained a threshold % (25 / 50 / 100 / 200 / 400%) above its 1-year rolling low
iDays since the latest 25/50/100/200/400% rise under this chart's event definition. A low count means a large advance happened recently. A recent rise is bullish historical momentum, but it doesn't prove continued upside — very large past gains can also raise reversal risk.
A rising counter after a trigger event indicates the asset has been sustaining a significant gain from its recent low for an extended period — a sign of strong bullish momentum persistence. A new trigger (dot) resets the counter and marks a renewed bullish phase.
18
Running Return on Investment
Rolling ROI as a multiple of initial value over 30-day, 90-day, or 1-year holding windows — use dropdown to switch
iRolling price ratios over 30 calendar days, 90 days, and one year (converted to sessions for an exchange-listed equity: about 21, 62, and 252 rows). Above 1 means price rose over that holding period; below 1 means it fell. Above 1 and rising is bullish price evidence; below 1 and falling is bearish — excludes dividends and costs.
ROI above 1.0× = positive return over the selected window; below 1.0× = negative return. Comparing windows reveals whether short-term or long-term holders have been better rewarded, and whether recent price action is improving or worsening the picture for each horizon.
19
Average ROI by Purchase Month
Mean forward return achieved when buying in each calendar month — select holding period from dropdown
Holding Periods Select holding period via the dropdown — 30 days through 4 years. Bars show the average ROI multiplier (log scale) for purchases made in that calendar month.
7
Scale Y-axis is logarithmic. 1.0x = break-even. Above 1.0x = profit; below 1.0x = loss. Green bars = positive average, red bars = negative average.
Log
iAverage later price return for historical observations grouped by calendar purchase month and holding period. Positive cells mean that month's purchases were followed by positive average returns in this sample — check sample count and whether one regime dominates. Historical seasonality only, not a current bullish signal, and shouldn't be called a reliable 'best month' without stability testing.
Each bar represents the average ROI multiplier for all trading days that fell in that month of the year. Months with consistently higher bars had a higher average forward return in this sample for the selected holding period — a descriptive, in-sample pattern, not a validated or out-of-sample timing signal. Use the dropdown to explore how different time horizons affect this pattern.
20
Historical Monthly Average 90-Day Forward ROI
Heat map of average 90-day forward returns grouped by year and calendar month
Horizon Each cell shows the average 90-day forward ROI (as a multiplier) for all trading days in that year+month combination. Green = above break-even (1.0x); red = below.
90 Days
View Rows = calendar years, columns = months (Jan–Dec). Lets you inspect whether a monthly pattern appears in this sample — it does not establish persistent or out-of-sample seasonality.
Year × Month
iAverage 90-day forward price return by year and calendar month. Consistent color across many years is more meaningful than one extreme cell — adjacent observations overlap heavily, so the effective sample is smaller than it looks. Repeated positive cells are historically constructive and repeated negative cells cautionary; still descriptive seasonality, not a forecast.
Green cells indicate that buying in that month/year and holding 90 days produced a return above break-even; red cells indicate a loss. Consistent green or red columns are worth a closer look, but with each year's 90-day windows overlapping heavily, the effective sample is smaller than the grid suggests — this does not establish a persistent or out-of-sample seasonal effect.
21
Quarterly Returns by Year
Calendar-quarter price return (%) for each year — color-coded green / red
Measurement Quarterly return = (last close of this quarter ÷ last close of the previous quarter − 1) × 100, so the quarter's first session is included. The first quarter in the data has no prior close and is blank. Q1 = Jan–Mar, Q2 = Apr–Jun, Q3 = Jul–Sep, Q4 = Oct–Dec.
Q-o-Q %
Color Scale Green = positive quarter, red = negative quarter. Intensity scales with magnitude. Dark cells indicate minimal price change.
±Symmetric
iPrice return for each calendar quarter in each year, measured from the previous quarter's last close to this quarter's last close. Scan rows for persistent quarter effects and columns for regime changes — one exceptional year shouldn't define a seasonal rule. Positive recent quarters are bullish historical performance and negative quarters bearish, but not a forecast.
Each cell shows the total price return for that quarter as a percentage. Consistent green or red quarters across multiple years describe a pattern observed in this sample's history, not a validated recurring seasonal cycle. Blank cells indicate insufficient price data for that period.
22
Annual ROI by Calendar Year
Full calendar-year price return (%) — one bar per year
Measurement Annual return = (last close of this year ÷ last close of the previous year − 1) × 100, so the year's first session is included and monthly returns compound to it. The first year in the data has no prior close and is blank. Green bars = positive year; red bars = negative year.
Annual %
Current Year The most recent year bar reflects year-to-date performance using the latest available close price, so it may represent a partial year.
YTD
iReturn for each calendar year, measured from the previous year's last close to this year's last close (the first year in the data has no prior close and is blank). Positive years are bullish realized performance and negative years bearish realized performance (dividends excluded). Partial current years aren't directly comparable with completed ones.
Green bars indicate years where price ended higher than it started; red bars show years with net declines. Height of the bar indicates magnitude. This view quickly reveals bull and bear years and long-term return trends.
22b
Year-to-Date ROI by Calendar Year
Cumulative return from Jan 1 for each year — all years overlaid on one chart
How to read Each line starts at 0% on Jan 1 and tracks the cumulative price return through the year. The x-axis shows the trading day within the year, labelled by month. Click a year in the legend to show or hide it.
Overlay
Average line The dashed line shows the average cumulative ROI across all years at each trading day. Use it to see how the current year compares to the historical norm at any point in the year.
Dashed
iEach year's cumulative price path from the previous year's last close, often with an average historical path overlaid. A rising current path is bullish year-to-date price action and a falling path bearish; similarity to a prior year's path doesn't imply the same ending, and the average can hide wide dispersion.
Lines above zero indicate the price is higher than it was at the start of that year; lines below zero indicate a year-to-date loss. Comparing where the current year's line sits relative to prior years at the same calendar point reveals whether this year is tracking ahead or behind historical patterns.
22c
Month-to-Date ROI
Cumulative return from the 1st of each month — use the dropdown to select a month
How to read Each line starts at 0% on the first trading day of the selected month and tracks cumulative return through the rest of that month. Each line represents one calendar year's occurrence of that month.
Per month
Month selector Use the dropdown in the top-right of the chart to switch between months. The chart updates to show all historical occurrences of that month. The current month is shown by default.
Dropdown
iCumulative price movement within each month, compared across years — for within-month path and seasonality context, not as a large independent dataset. Positive current month-to-date is bullish recent performance and negative is bearish; historical averages aren't forecasts.
Each line shows how the price performed during a historical occurrence of this month, measured from the first trading day. The dashed average line reveals the typical seasonal pattern. Comparing current-month performance against past years highlights whether this month is tracking better or worse than usual.
22d
Day-to-Date ROI
Day-over-day return % for each trading day — all years overlaid
How to read Each point is the single-day percentage price change (close-to-close) for that trading day within the year. This shows volatility patterns — high-return or high-loss days cluster around earnings, macro events, and seasonal patterns.
Daily %
Average line The dashed average line shows the mean daily return across all years at each calendar position. Values persistently above or below zero at the same day position suggest seasonal return patterns.
Dashed
iDaily price returns, or cumulative within-year daily patterns depending on the series shown. Look at the size and clustering of positive/negative days — a few extreme days can dominate an annual result. Reflects realized daily direction directly, but isolated daily moves have little standalone forecasting value.
Each line shows the raw daily price change for one calendar year. Unlike the cumulative YTD chart, this view highlights individual volatile days and lets you check for recurring seasonal patterns. The average line (dashed) across all years shows whether certain periods of the year have tended to produce outsized daily moves in this sample — a descriptive pattern, not a validated or out-of-sample signal.
22e
Daily Returns Table
Day-over-day return % for every trading day of the current year — day × month grid
How to read Each cell shows the close-to-close percentage change for that calendar date. Rows are days of the month (1–31); columns are months (Jan–Dec). Weekend and non-trading days are blank. Navy = positive return, red = negative.
Daily %
Colour scale The colour range is symmetric around zero — the most extreme return in either direction anchors the ends of the scale. White cells are near-zero returns.
Diverging
iCurrent-year daily percentage price changes laid out by calendar day. Clusters of negative cells show selloff periods and clusters of positive cells show rallies; missing cells may be non-trading days. Recent positive clustering is bullish price action and negative clustering bearish — descriptive, not predictive.
Each cell is the single-day percentage price change for that specific date this year. The grid makes it easy to spot clusters of strong or weak days within a month, and to compare the rhythm of returns across the calendar.
22f
Best DCA Day by Weekday
Average % difference from 7-day SMA per weekday, in this sample — descriptive only, not a validated timing signal
How to read Each bar shows the average percentage that day's price sits above or below its 7-trading-day SMA. A negative value means prices on that day of the week sat below their recent trend, on average, in this sample.
Avg % from SMA
Best day The darkest bar marks the weekday with the lowest average deviation in this sample. With only 5 candidate weekdays, one of them is mathematically guaranteed to come out lowest even if prices moved with no weekday pattern at all — this is not, on its own, evidence of a real effect.
Thursday
iAverage difference between price and its 7-day moving average by weekday; the 'best' day is the weekday with the lowest historical average relative price. A lower bar means that weekday historically traded slightly cheaper relative to the short average — differences may be tiny or unstable. Not bullish or bearish, and not proof of a profitable DCA rule (costs, holidays, sample size, and multiple testing aren't accounted for).
Based on the full price history, this chart shows which weekday prices sat cheapest, on average, relative to the surrounding 7-day trend. This is a descriptive, in-sample observation, not a validated or out-of-sample timing result — with only 5 weekdays to compare, picking the single lowest bar will surface a "best" day even if the underlying pattern is pure noise.
23
Monthly Returns by Year
Calendar-month price return (%) for every year — color-coded heat map
Measurement Monthly return = (last close of this month ÷ last close of the previous month − 1) × 100, so the month's first session is included. The first month in the data has no prior close and is blank. Each row is a calendar year; each column is a month (Jan–Dec).
Month %
Color Scale Green = positive month, red = negative month. Color intensity is symmetric around zero. Hover over any cell to see the exact return percentage.
±Symmetric
iReturn for every month and year, measured from the previous month's last close to this month's last close, so monthly returns compound to the annual figure. Consistency across many years matters more than the single largest cell. Recent positive monthly performance is bullish and negative is bearish, but historical monthly patterns aren't reliable forecasts by default.
Each cell shows the monthly price return as a percentage. Dark green or dark red cells mark exceptional months; pale cells indicate low activity. Comparing columns across years helps inspect whether a similar monthly pattern appears repeatedly in this historical sample; it does not establish persistence outside the sample.
Metric Glossary — definitions & interpretation guide

This report uses public datasets: market-price time series, on-chain metrics, sentiment indicators (including Fear & Greed and search interest), ETF flow data, and macroeconomic series. Each section identifies its own data source and, where available, its observation date. No insider information is used or implied. Values are for analytical reference only and do not constitute investment advice.

All-Time High & Drawdown
Current Drawdown
How far the current price sits below its All-Time High, as a percentage. 0% means a new ATH was just set — the deeper the drawdown, the further the recovery needed to reclaim it.
All-Time High (ATH)
The highest closing price ever recorded in the dataset. All drawdown percentages are measured relative to this reference point.
Days Since ATH
Calendar days elapsed since the All-Time High was set. This measures duration only and does not independently classify the current market regime.
Historical Volatility (HV)
HV 30 / 60 / 180-Day
Standard deviation of daily log returns over the trailing window, annualised (× √365, reflecting Bitcoin's calendar-daily trading) and expressed as a percentage. Below 40% = calm; 40–80% = elevated; above 80% = extreme volatility. Compare 30d against 180d to see whether short-term turbulence is above or below the longer-term baseline.
Days Since Threshold Move
Days Since Price Is Down X%
Trading days since the price last entered a drawdown of the selected magnitude (10 / 30 / 60 / 80%). A rising counter means resilience is building; a reset (dot) marks a fresh correction episode.
Days Since Price Is Up X%
Trading days since the price last gained the selected threshold (25 / 50 / 100 / 200 / 400%) above its 1-year rolling low. A rising counter after a trigger indicates sustained bullish momentum.
Running Return on Investment
Rolling ROI (30d / 90d / 1y)
Price today divided by price N calendar days ago, as a multiple of initial value. Bitcoin trades every calendar day, so horizons are measured directly in calendar days (30, 90, 365) rather than converted to trading sessions. Above 1.0× = positive return over that window; below 1.0× = a loss. Comparing windows shows whether short-term or long-term holders have been better rewarded recently.
Seasonality & Period Returns
Period Return (Day / Month / Quarter / Year)
(Last close of this period ÷ last close of the previous period − 1) × 100, so every period includes its first session and monthly returns compound to the quarterly and annual figures. The first period in the data has no prior close and is left blank. Used consistently across the daily, monthly, quarterly, and annual return tables/charts — green = positive, red = negative, colour intensity scales with magnitude.
Average ROI by Purchase Month
Mean forward return achieved by buying in each calendar month, for a selected holding period (30 days to 4 years). A descriptive, in-sample average — not a validated or out-of-sample timing signal.
Historical Monthly Average 90-Day Forward ROI
Heat map of the average 90-day forward return for every year/month combination. A descriptive, in-sample view of what buying in a given month has led to 90 days later — not a validated or out-of-sample timing signal.
YTD / MTD / DTD ROI Overlay
Cumulative return from the previous year's or month's last close (the very first period in the data starts from its own first close), with every historical year/month/day overlaid on one chart and a dashed line showing the average — lets the current period be compared directly against historical norms at the same point.
Best DCA Day by Weekday
Average % Deviation from 7-Day SMA
For each weekday, the average percentage the price sits above or below its trailing 7-trading-day simple moving average, in this sample. The most negative bar marks the weekday with the lowest observed average — a descriptive, in-sample result, not a validated timing signal. With only 5 weekdays, one is guaranteed to be lowest even under pure noise.
Disclosure Appendix
Disclosures

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