Research across too many tabs.
On-chain in one place. Liquidity and macro somewhere else. Positioning, valuation and derivatives on different clocks.
Bitcoin · On-chain · Macro · Quant Systems
Every chart tells you what happened. These tell you where you are.
Independent Bitcoin research and systematic tools built to connect on-chain data, liquidity, macro, positioning, valuation and trend-following systems.
On-chain
Macro + liquidity
Valuation
Quant systems
CryptoQuantVerified Author
ForeDexRecognized Analyst
Trevisan MBAGuest lecturer
IndependentResearch + systems
The research problem
More inputs. Still no shared language.
A market view is usually assembled across dashboards, analysts and timeframes. The difficult part is deciding what deserves weight, what changed and what no longer fits the current regime.
Indicators that do not talk.
Each chart can be useful on its own while the combined market read stays inconsistent.
Rules that change with price.
Without a repeatable process, the latest move starts rewriting the framework.
RR Terminal
Systems, models and processed market data in one research environment.
The Terminal receives market inputs, processes them and publishes regimes, states and system outputs. Each layer answers a different part of the same market problem.
Where is price relative to the cycle?
Multiple valuation models and cycle context.
levels · percentiles · contextWhat conditions define the market now?
Macro, liquidity and market-state readings.
state · transition · riskHow is the market positioned?
Cost basis, derivatives and participant behavior.
positioning · flows · structureWhat are the rules doing?
Systematic allocation, relative strength and trend-following outputs.
allocation · trend · disciplineEvidence, not theatre
Real product. System outputs. Risk context left in the record.
The research is built around observable states and systems that can be checked over time. Performance evidence is separated from live product state and shown with its risk context.
Product screenshots and system outputs.
Backtests identified as backtests, with drawdown visible.
Methodology explained without exposing proprietary engineering.
Ruga Research
Choose the depth you need.
One research house, four ways to use the work. The Terminal is the scalable product core; the other paths add written context, direct implementation or foundational education.
English · Free + ProResearch distribution
RR Terminal
Systems, models, regimes and processed outputs in one research environment.
Open the Terminal → EnglishWeekly Intelligence Report
Leo's weekly analysis across on-chain, market structure and qualitative context.
Read on Substack → PT-BR · 5 participantsMentoria Ruga
A 90-day implementation period followed by nine months of continuity, with Terminal Pro, three private sessions and group support.
View the mentorship → PT-BROn-Chain Ebook
The foundations of on-chain analysis in a compact Portuguese edition.
View on Amazon →CryptoQuant + ForeDex
Published analysis and market research through established data platforms.
Independent researchLeonardo Ruga · @RugaResearch
I build the systems and publish what they are reading.
I'm a Brazilian on-chain and quantitative analyst. I build the tools behind RR Terminal and use them to research Bitcoin across market cycles, liquidity, positioning and systematic allocation.
I explain what is being measured, what weakens the reading and where the systems have performed poorly. The final decision stays with the user.
CryptoQuant VerifiedForeDex Recognized AnalystTrevisan MBA Guest Lecturer
Start with the product
Read the current market state before adding another opinion.
Open the free layer. Move to Pro only when you need the full Terminal.
Open the Terminal →