TLDR: I find TOTAL3 more useful to better track rotation and sentiment in the rest of the market.

TOTAL includes everything (BTC, ETH, alts), and TOTAL2 excludes BTC but still includes ETH, which behaves more like a macro asset now (highly correlated to BTC and ETFs, not always reflective of the altcoin cycle)

TOTAL3 gives a cleaner read on altcoin-specific sentiment and structure, especially for identifying rotation setups (removes the BTC/ETH weight and focuses on what the rest of the market is doing beneath the surface)

Great question - I’ll be diving deeper into how these components relate in the upcoming breakdown, but here’s a high-level explanation for now:

HM Score reflects a composite view of sentiment, scored from 0 to 100. It aggregates macro, institutional, policy, and crypto-native inputs into a single reading that captures how the market is positioned emotionally.

BTC Price is plotted alongside to show how market price action is reacting to (or ignoring) changes in sentiment.

R² line shows the 7-day rolling correlation between the HM Score and BTC price. When R² is high (closer to 1), sentiment and price are moving in sync. When it drops (especially below 0.3), it signals a potential divergence - either price is moving without sentiment backing it, or sentiment is shifting before price.

The core idea is to catch breakdowns in this alignment.

For example: when sentiment improves (rising HM) but R² is falling and price lags - that often flags a market mispricing or early-stage inflection. More to come soon in the full deep dive. Appreciate you engaging with it.