Reddit Subscriber Growth

This leg measures how fast the main crypto subreddits are adding subscribers, then standardizes that rate against its own trailing baseline. Standardizing lets a maturing community read elevated in every cycle instead of fading as its base grows.

Take the 30-day rate of change of combined subscriber counts, then express it as a z-score against its trailing ~2-year baseline.

A high growth rate marks the influx of new participants near tops. The baseline standardization is why Reddit reads elevated in both the 2021 and 2024 cycles despite an ever-larger subscriber base.

Subscriber growth accelerated into cycle tops and stalled at bottoms; the standardized form keeps that readable across eras.