Cash Extracted follows the gain that has actually been pulled out of the network, as opposed to the gain sitting on a screen doing nothing. Of everything on this dashboard it comes closest to measuring capital that has genuinely gone.

The distinction is not academic in the slightest. A market can record enormous gains being taken while the money behind them never travels anywhere at all, and separating those two cases is the difference between capital leaving and capital merely circulating.

What it actually measures

The running total climbs and only climbs, because money already taken out does not come back into the count. Reading its level answers almost nothing; reading how steeply it is climbing answers a great deal.

A steepening slope is capital leaving faster than it was. That is worth knowing during an advance, where it is easy to mistake a market being drained for a market being bought.

Three settings ask three different questions. One traces the whole history, another narrows to present conditions, and the third lines this advance up beside its predecessors so they can be judged on the same footing.

Realised is not the same as departed

A realised gain sounds final, and often it is not. Coins moving between wallets belonging to one owner register a gain that never involved a buyer, a seller or a penny leaving anywhere.

Stripping that out changes what the number means. What remains is money that genuinely walked, which is the figure that matters for whether the market is losing capital or simply passing it around, and those two look identical on a chart that does not make the distinction.

What it does not tell you

What counts as departed rests on an estimate, not an observation. Deciding which movements represent money genuinely leaving involves inference, and reasonable methods disagree about the edges.

The running total flatters the recent past by construction. Everything ever extracted sits in it, so the level tells a reader mostly about how long the network has existed.

Departure carries no verdict. Capital leaving during an advance and capital leaving during a collapse look the same here, and the reason behind a steepening slope is nowhere on this chart.

How to read it

Heavy extraction. Money is walking away at a pace near the top of everything on record.

Steady extraction. An ordinary, continuous drain, which is the usual state of affairs.

Light extraction. Very little is leaving. Holders are staying where they are.

Head for the Profit & Loss dashboard, where Cash Extracted sits with Realised Profit, Profit / Loss Ratio and Sell-Side Risk Ratio.

Common questions

What does this add over realised profit?

That measure tallies each gain taken, wallet reshuffles included. This one follows money that genuinely walked away, which is the figure that settles whether capital is departing or simply circulating.

Why does the running total never fall?

Because it gathers up everything withdrawn, and departed money is not credited back. Judge it by gradient rather than altitude: a line steepening is what carries the message.

Which mode should be read?

The running total for the long arc, the recent view for present conditions, and the per-cycle view to set this advance against earlier ones on equal terms.

Is a steepening line bearish?

Not on its own. Capital leaving during an advance and capital leaving during a collapse produce the same slope, and the reason behind it is not on this chart.

How exact is the departure figure?

It rests on inference rather than observation. Deciding which movements represent money genuinely leaving is a judgement, and sensible methods disagree at the edges.