a market-behavior-based sentiment index for Bitcoin Ordinals — built from live marketplace activity, not social-media mood, with fully transparent methodology below
BETA — an early release: the methodology and scores may still change while the index builds up history.
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ORDINALS MARKET FEAR & GREED INDEX
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MARKET REGIME—
Data refreshes every 12 hours
NOT A PREDICTION — A MARKET-BEHAVIOR INDICATOR
SUPPORT THE INDEX
This index is free and open — no ads, no paywall. If you like it and find it useful, you can support the project with a small Bitcoin donation. It helps keep the data flowing and the index getting better.
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WHAT'S MOVING THE INDEX
LAST 30 DAYS
HISTORICAL VALUES
MARKET CYCLE — SINCE 2023
Ordinals market-wide trading volume in BTC, all major marketplaces (gamma.io, magiceden, unisat, okx). Where the last 7 days sit in this range feeds the "Market Cycle Position" component above (25% weight) — see Methodology for how.
METHODOLOGY — FULL TRANSPARENCY, NO BLACK BOX
The index is a weighted average of seven components, each measuring a different facet of Ordinals market behavior. Every raw component value is normalized to a 0–100 score by ranking it against its own trailing history (percentile rank) — so a score reflects "unusually high/low compared to this metric's own recent past," not an arbitrary fixed threshold. A component newly added to the index starts with fewer than two weeks of history; scores in that window are noisier and the page flags this as a warm-up period. (The exception is Market Cycle Position, which ranks against a multi-year baseline going back to February 2023 from day one — see below.)
Final index = Σ(score × weight × confidence) ÷ Σ(weight × confidence), rounded to the nearest integer. 0–24 Extreme Fear, 25–44 Fear, 45–55 Neutral, 56–75 Greed, 76–100 Extreme Greed.
Confidence weighting: a component ranked against only 2-3 days of trailing history is statistically unreliable — with that few data points, percentile rank has only 2-3 possible outcomes, so a trivial move can land at 0 or 100 and swing the whole index on noise. Each component's weight is scaled by min(days of history ÷ 14, 1), then all weights are renormalized back to 100% — so a thin history shrinks a component's real influence instead of quietly getting full voting power it hasn't earned yet. In the Components list below, a weight shown as "20% → 4%" means the component is still warming up. Market Cycle Position starts at full confidence immediately since its 43-month baseline is already far more than 14 "days" deep.
On satflow.com, ord-dropz.xyz and coingecko.com: all three were evaluated as additional data sources. satflow.com's own API made it in — see the Volume Momentum entry above for how its data is combined with ord.net's without double-counting shared trades. ord-dropz.xyz and coingecko.com didn't: neither currently offers a way to pull their data reliably and without scraping, so they're not part of the index. That may change if either opens up a public API.
Public API: everything on this page is built from two plain JSON files, and you're welcome to use them directly — no key, no signup, no rate limit. /fear-greed/data/fgi-latest.json is the current snapshot (index, label, per-component scores and raw values); /fear-greed/data/fgi-history.json is the rolling daily log behind the charts above. Both are served with CORS enabled, so client-side fetch() from another site works. New data lands every 12 hours; polling more often than that won't get you anything fresher.