Crypto and Bitcoin news with the BGR sentiment rating
How to read it. Treat the rating as a contrarian gauge. It measures what the news says and how traders are positioned. Price is not an input. Greed means longs are crowded. Fear means shorts are crowded, so shorts still opening into a rally read as fear however far price has run. The news and positioning halves are each scored against their own history, and the result is scaled so that readings above 80 or below 20 each occur on about 3% of days. It is not tested against price and carries no weight in the Terminal.
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What the numbers mean
- Rating
- The rating runs from 0 to 100 and is built from two halves. News (40%) uses every headline in the window, weighted by age with a half-life of a quarter of the window. It takes the bullish share minus the bearish share and scales it by how much of the coverage leans either way. Positioning (60%) uses BTC perpetuals. Funding counts for 20% of this half, open interest growth for 40% and net opened for 40%. Net opened measures which side opened the new open interest. Each of the three is ranked against every day on record since 2020. Each half is scored against its own history, and the combined score is scaled so that readings above 80 or below 20 each occur on about 3% of days. A reading that cannot be taken is left out and the weights are rescaled over the rest. Price direction is not an input. From lowest to highest, the bands are panicked, fearful, worried, uncertain, neutral (40 to 60), optimistic, greedy, euphoric and delusional.
- Fear & greed
- The index published by alternative.me, shown for comparison. It is not folded into the rating.
- Score
- The score runs from one to ten. It is the bullish share of the headlines in the window that lean either way, with press weighted 70%, video 25% and Reddit 5%. A score of 1 means all bearish, 5.5 means an even split and 10 means all bullish. With fewer than five leaning headlines there is no score.
- Crowding
- Crowding runs from zero to a hundred percent and shows how one-sided the leaning headlines are in either direction. 0% is an even split and 100% is all on one side.
- Lean
- Each headline is marked bullish, bearish or neutral from its wording. This is a rough method, so the counts are shown for you to judge.
- Testing
- None of these numbers has been tested against price, and none carries weight in the Terminal.
Treat it as a contrarian gauge. The BGR sentiment rating has two halves. News makes up 40% and comes from headlines across twenty free sources. Positioning makes up 60% and comes from BTC perpetuals. Within positioning, the funding rate counts for 20%, the growth in open interest for 40% and which side opened that open interest for 40%. Each of those is ranked against every day on record since 2020. Price direction is never an input. Greed means longs are crowded and fear means shorts are, so shorts still opening into a rally read as fear however far price has run. Each half is scored against its own history, and the combined score is scaled so that readings above 80 or below 20 each occur on about 3% of days. The news record began in September 2026, so its side of the scale is still settling.
Every headline is listed with its source and its lean, so you can check how the number was built. Crowding shows how one-sided the coverage is. It says nothing about whether the coverage is right.
The rating is not tested against price and carries no weight in the Terminal. No forward test has yet linked a reading to the move that followed, so reading it as a contrarian signal is an untested assumption. Positioning data is on the orderflow page and price levels are on the heatmaps.