The difference between P and CMR represents the estimated amount of unrealized profit in the system; i.e., the net value that all holders would receive if they sold their coins at current market prices. In other words, the P/CMR ratio helps us quantify the probability that investors will buy or sell. The P/CMR ratio is a price-agnostic relative valuation metric that applies across differing network sizes, time periods, and price cycles.
Bitcoin Misery Index
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The FundStrat Bitcoin Misery Index (BMI) ranges from 0-100 and indicates buy and sell opportunities for Bitcoin investors.
When the BMI falls below 27 it indicates a strong Buy signal.
The higher this index is the more likely Bitcoin's price will fall.