$BTC #BinanceAlphaAlert #beat How to read a Beat-PnL graph
There are two common visuals:
1) Cumulative Return vs BTC
Lines start at 0%
If the alt’s line is above BTC → it’s beating
If it crosses below → performance loss vs BTC
2) Relative PnL (ALT ÷ BTC)
Flat line = matching BTC
Rising line = positive beat PnL
Falling line = BTC winning
Professional traders prefer #2 because it removes USD noise.
Simple Beat-PnL formula
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Beat PnL (%) = Alt Return (%) − BTC Return (%)
Example:
BTC: +25%
ALT: +60%
Beat PnL = +35% (real alpha)
Hard truth (important)
USD PnL lies in bull markets
BTC-relative PnL shows skill
Most alts look good in USD and terrible vs BTC