{"uid":"cap_IQ_mKe-jWOtKjl2C6Jwhp","slug":"glassnode-market-cap-to-thermocap-ratio-c38cddf2","name":"Glassnode Market Cap to Thermocap Ratio","description":"Market Cap to Thermocap Ratio — Market Cap to Thermocap Ratio is the ratio of Market Cap to Thermocap, used to assess whether the asset's price is currently trading at a premium with respect to total security spend by miners. Data by Glassnode.","url":"https://x402.glassnode.com/v1/metrics/mining/marketcap_thermocap_ratio","method":"GET","headers":{},"bodySchema":{"type":"object","$schema":"https://json-schema.org/draft/2020-12/schema","required":["input"],"properties":{"input":{"type":"object","required":["type","method"],"properties":{"type":{"type":"string","const":"http"},"method":{"enum":["GET"],"type":"string"},"queryParams":{"type":"object","required":["a"],"properties":{"a":{"enum":["BTC","ETH"],"type":"string","description":"Asset symbol, e.g. BTC, ETH"},"c":{"enum":["native"],"type":"string","description":"Currency for denominated values, e.g. usd, native"},"f":{"enum":["csv","json"],"type":"string","description":"Response format: json or csv"},"i":{"enum":["24h"],"type":"string","description":"Time interval / resolution, e.g. 24h, 1w, 1month"}}}},"additionalProperties":false},"output":{"type":"object","required":["type"],"properties":{"type":{"type":"string"},"example":{"type":"array","items":{"type":"object","properties":{"t":{"type":"number"},"v":{"type":"number"}}}}}}}},"responseSchema":null,"example":null,"exampleRequest":null,"tags":["x402"],"displayCostAmount":"0.05","displayCostAsset":"USDC","priceDynamic":false,"priceHint":null,"priceStatus":"priced","priceSource":"probe","requiresHandshake":false,"reviewCount":0,"rating":{"score":"0.00","successRate":"0.00","reviews":0,"stars":null,"state":"unrated"},"availabilityStatus":"unknown","priceObserved":null,"sessionDeposit":null,"pricing":{"kind":"static","summary":"$0.05/call","primary":{"kind":"static","protocol":"x402","network":"base","amountUsd":"0.05","per":"call","confidence":"exact"},"accepted":[{"kind":"static","protocol":"x402","network":"base","amountUsd":"0.05","per":"call","confidence":"exact"}]},"paymentMethods":[{"uid":"pm_Ztht_qo6nSIJT_OhAFxH5","protocol":"x402","methodType":"crypto","chain":"base","mode":"charge","costAmount":"0.05","costPer":"request","priority":0,"asset":"0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913","unit":"request","depositMicros":null,"planRef":null}],"brandName":null,"brandSlug":null,"brandBaseUrl":null,"brandDocsUrl":null,"whatItDoes":"Returns the historical Market Cap to Thermocap Ratio for BTC or ETH, measuring whether price trades at a premium relative to cumulative miner security spend.","exampleAgentPrompt":"Pull the Glassnode Market Cap to Thermocap Ratio for BTC in JSON format so I can see whether Bitcoin is currently trading at a historical premium relative to total miner security spend.","exampleUseCases":null,"resultDescription":"An array of timestamped data points, each containing a Unix timestamp (t) and the Market Cap to Thermocap Ratio value (v), representing daily snapshots of how Bitcoin's or Ethereum's market cap compares to cumulative thermocap (total miner security expenditure).","failureModes":["Missing required 'a' (asset) query parameter returns 400 error","Unsupported asset symbol (not BTC or ETH) returns validation error","Payment not included or insufficient USDC results in 402 Payment Required","Invalid format parameter returns 400 error","Network or upstream Glassnode data unavailability causes 503 or timeout"],"whenToPreferThis":"Use this endpoint when you need to assess whether Bitcoin or Ethereum is currently overvalued relative to cumulative miner security spend (thermocap), a classic on-chain signal used to identify market cycle tops and bottoms. Prefer this over price-only metrics when performing macro cycle analysis or on-chain valuation research.","instructions":null,"reviewSummary":null,"reviewSummaryHighlights":null,"reviewSummaryConcerns":null,"reviewSummaryGeneratedAt":null,"activationCount":0,"lastUsedAt":null,"lastSuccessfullyRanAt":null,"lastHealthCheckAt":"2026-09-15T13:08:48.867Z","isFirstParty":false}