Definition. Delta Cap is the difference between Realized Cap and Average Cap, where Average Cap is the life-to-date moving average of Market Cap. The per-coin form, Delta Price, is Realized Price minus the life-to-date moving average of price. It is designed to detect major market bottoms in Bitcoin cycles.

Notes. Originally proposed by David Puell. For more information, see his introductory article.

This is the Point-in-Time (PiT) variant of Delta Cap. PiT metrics are strictly append-only and their history is immutable. The historic data does not necessarily reflect the best current knowledge, but the information at the time when a data point was first computed. PiT metrics are ideal candidates for applications in model backtesting and related quantitative purposes. Read our article on PiT metrics for more information.