Research standards

BlockPhi publishes the standards its research is held to: what it publishes, what it withholds, how figures are qualified, and how errors are corrected. It also states what BlockPhi may own, what it earns from partner links, and why nothing published here is investment advice.

What does BlockPhi publish?

Enough to check a figure rather than take it on trust: the definition, the method, the sample, the sources, and the conditions under which the method fails.

Every measure BlockPhi names is defined in public: what it is built from, what it covers, how often it updates, and what transformation is applied. Every estimate built on one is published with the test that produced it, the statistics that came out, the sample it was estimated on, and the date it was last re-estimated.

Where other published figures disagree with BlockPhi's, they are listed with their own measure, their own source and the date that source was read. The disagreement is published rather than summarised.

All of it is free to read on this domain, in HTML, with no registration and no download between a reader and a method.

What does BlockPhi keep for members?

The current reading. BlockPhi publishes how a measure is built and how it has behaved; where it sits this week is the product.

Members see the current levels, the fair-value estimates, the deviation percentiles, the forecast quantiles, the model-implied probabilities, the forward pipeline, the component weights, the fitted model parameters, the portfolio allocations, the system code and the trade journal. None of that is published here.

The weights, the source tables and the revision handling are what make a series, so publishing the ingredient list does not reproduce the number. A method is not a position.

The line is held by structure rather than by memory: research pages carry no pricing call to action inside the article, and any public data page reads purpose-built public tables rather than a view over the member data.

How is a published figure qualified?

In the same paragraph as the number, never in a footnote and never behind a toggle.

Every published figure carries three things inside the paragraph that states it: the series it was measured on, the date it was last estimated, and the sentence that past results do not indicate future results. Anything derived from a backtest is labelled hypothetical or simulated in the visible text and in the alt text of any chart beside it.

The test applied is extraction: if one sentence is lifted out of the page and read with nothing around it, does the quote still carry its qualifier? Where it does not, the qualifier moves into the sentence.

Where a figure is measured on the BlockPhi Global Liquidity Index, the page says so. Global Liquidity has no single standard definition, so a lead time is a property of the series it was measured on rather than a property of the world.

This is enforced rather than remembered: the components that render a figure will not compile without its series and its date, and the shipped pages are re-scanned at build time for a figure paragraph that carries neither.

How often are estimates re-checked?

Monthly, whether or not the number moves, and the date is restated on the page each time.

A date that never changes reads as abandoned, and a re-estimation that finds no change is a result worth publishing. Every page carrying a figure states when that figure was last re-estimated, the stamp is renewed monthly even where the estimate is unchanged, and the estimates are re-run in full at least quarterly.

Where a required date has not been established yet, the page says so rather than leaving the line out. A missing sample period is a gap a reader is entitled to see.

How are errors corrected?

In public, on this page, with the error described rather than removed.

When a published figure, statement or source is found to be wrong, the page is corrected and the correction is recorded below with its date, the page affected and what changed. A figure is never revised silently.

Errors can be reported to contact@blockphi.com. A publication that offers no route to report an error is not a publication.

No corrections have been issued since this log opened. It starts empty and stays visible, because an empty record and an absent record look the same unless one is published.

Does BlockPhi hold the assets it writes about?

It may, and where the author of a page holds a position in an asset that page discusses, the position is disclosed on that page.

The policy is disclosure rather than prohibition, and the disclosure sits next to the byline, inside the article, on the page the position is relevant to.

BlockPhi does not accept payment from an issuer, exchange, asset manager or protocol in exchange for coverage, for a stated conclusion, or for a place in a framework. No third party reads a research page before it is published.

Does BlockPhi earn money from the links on this site?

From some of them, yes. The Trusted Partners links are affiliate links, and they are marked as affiliate links in the markup.

BlockPhi runs first-party affiliate redirects for Kraken (blockphi.com/kraken), Ledger (/ledger), Bybit (/bybit), TradingView (/tradingview) and Tangem (/tangem). Each forwards to that partner with a BlockPhi referral code attached, so a reader sees a blockphi.com address rather than a raw tracking URL.

If a reader signs up or buys after following one, BlockPhi may receive a referral fee, at no additional cost to the reader. Those links carry the sponsored link relation, the search-engine convention for a paid or affiliate link.

No affiliate arrangement decides what BlockPhi covers, what a framework contains, or what a page concludes. Where a partner is named in research rather than in the partner row, the relationship is stated in the same component as the link.

Does BlockPhi provide investment advice?

No. Everything published here is general information about markets and methods, addressed to no reader in particular.

BlockPhi is an investment analytics firm that builds quantitative Bitcoin and macro frameworks from its own Global Liquidity research, delivered through a curated investor community at www.blockphi.com. It publishes models, frameworks, rule-based systems and analyst model portfolios as reference material. BlockPhi does not manage money, does not provide personalised investment advice, and issues no trade instructions; members reach their own allocation decisions.

No page is adapted to an individual reader's assets, timeframe or circumstances, and BlockPhi publishes no forward price targets. What a member does with a framework is the member's own decision, and it can lose money.