The Bitcoin Misery Index (BMI) is a sentiment indicator, created around 2019 by Tom Lee of research firm Fundstrat Global Advisors, that scores bitcoin market mood on a scale from 0 to 100. It combines a measure of how many recent price moves were winners with a measure of volatility; low readings indicate that traders are discouraged and are presented as contrarian buying signals, while high readings suggest euphoria. The name borrows from the economic misery index, which adds inflation and unemployment. Like other sentiment gauges, the BMI describes the past rather than predicting the future, its exact calculation is not widely published, and it is not investment advice. Also see Bitcoin (BTC) and Bear Market.