This indicator compares the change in stable-coin market caps and total crypto market cap and then using those comparisons creates an index from 0 to 100. When the index spikes and tags the upper or lower threshold levels, it is assumed that a significant inflow or outflow (respectively) of fiat in the crypto space has occurred.
Note: The data of this indicator is independent of price action. It looks only at total market cap and stablecoin market caps to derive its data points.