TEHS — Trinity ETF Health ScoreTRINITY EXCLUSIVE
Composite Trinity proprietary scoring 0-100 the institutional health of the Bitcoin ETF complex. Aggregates 5 inputs: 30-day flow EMA, AUM growth Y/Y, premium-discount inverse, inflow streak, issuer concentration inverse. Above 60 = healthy (sustained inflows + low premium + diversified issuers). Below 30 = stressed (outflows + high discount + concentration).
Trinity exclusive model
This metric is a proprietary Trinity Insights model. Its formula, inputs, weights and parameters are NOT disclosed. The page documents only the output (bounded scale, interpretation zones, historical context). Access to the score and its time series is via the REST API and the MCP server, subject to the required tier.
What is it?
TEHS is a Trinity proprietary composite scoring 0-100 the institutional health of the Bitcoin spot ETF complex. The model aggregates five normalized institutional inputs — 30-day flow EMA, AUM growth Y/Y, premium-discount inverse, consecutive inflow streak, issuer concentration HHI inverse — through a calibrated weighted scheme. Each input is normalized via rolling percentile rank to handle regime shifts, then combined and clipped to a 0-100 score. Above 60 = healthy market; below 30 = stressed market.
How to read
The horizontal axis is time. The vertical axis displays the TEHS score bounded 0-100. Three regime zones are color-coded: green above 60 (healthy), yellow 30-60 (transition), red below 30 (stressed). The line evolves daily as new ETF flow data is released. The BTC overlay on the right axis (toggle) provides cross-asset context: TEHS rising while BTC consolidates often reflects accumulation; TEHS declining during BTC rally may indicate exhaustion. Vertical event markers annotate notable ETF milestones (SEC approval Jan 2024, GBTC outflow waves, ETF cumulative thresholds) when the events overlay is enabled.
Key zones
• Above 80: euphoric institutional accumulation, sustained inflows + low premium + diversified issuers (rare) • 60-80: healthy market, strong fundamental adoption • 40-60: transition zone, mixed conditions • 30-40: deteriorating market, early stress indications • Below 30: stressed market, outflows + concentrated issuers + dislocations • Below 20: extreme stress, capitulation phase historically marking cycle bottoms
What to observe
• Crossings of the 30 and 60 thresholds as institutional regime transition markers • Multi-week sustained values in extreme zones (above 80 or below 20) as cycle inflection candidates • Divergences with BTC price (TEHS falling while BTC rises) as institutional exhaustion warnings • Confluence with macro-liquidity indicators (Trinity Code, dollar cycle phase) for multi-dimensional reading • Sharp drops associated with notable ETF outflow events (GBTC redemption waves, sector rotation episodes)
Historical context
TEHS is computable since the launch of US spot Bitcoin ETFs in January 2024 following SEC approval. Historical regime examples include the strong inflow phase of January-March 2024 (post-launch euphoria), the GBTC outflow wave of February-April 2024 (legacy product unwinding), the late 2024 institutional re-acceleration (cumulative threshold milestones), and the May 2025 redemption episode (cycle correction). Earlier ETF data from European, Canadian, and Hong Kong markets (2020+) provides context for cross-jurisdiction comparison but TEHS itself focuses on the dominant US regime since SEC approval.
Expert notes
⚠️ Trinity Exclusive Model — TEHS is a Trinity proprietary composite without academic publication of reference. The five-input weighted scheme and 5-year rolling percentile rank normalization are calibrated to handle ETF complex specificity (recent launch Jan 2024, regime shifts, asymmetric volatility). Read TEHS as a macro reading complementary to ETF flow analysis. Couple with Trinity Code (macro-liquidity composite) and dollar cycle phase for multi-dimensional institutional landscape reading. The 5-year rolling window means early TEHS values use shorter historical context — interpret accordingly.
Common mistakes to avoid
Do not treat TEHS as a price predictor — the score reflects institutional ETF health, not directional market forecast. Do not use single-day TEHS readings for tactical decisions — the composite operates on multi-week horizons. Do not extrapolate TEHS from US ETF data to global crypto markets — Asia-Pacific and European regimes have different characteristics captured separately. Do not confuse TEHS with single-input metrics like premium/discount or HHI — it deliberately aggregates five complementary dimensions.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/macro-intelligence/macro-tehs-etf-health-score/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "macro-tehs-etf-health-score",
"timeframe": "1y"
}Required tier: free. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.