Value tracked USDC in portfolio metrics

Proof: Dashboard portfolio metrics now include DB-tracked USDC balances valued from live BTC/EUR and BTC/USDC reference prices, with regression coverage for the observed USDC inventory case. Assumptions: USDC is cash-equivalent for valuation when a fresh BTC/USDC reference event is available; live trading safety remains governed by pair config and price route checks. Still fake: Portfolio valuation still does not provide fee-complete realized PnL or generalized valuation for every imported non-stable asset.
2026-05-18 17:48:18 +02:00 · 2026-05-18 17:48:18 +02:00 · 8f109a7463
commit 8f109a7463
parent 8def832c5e
7 changed files with 455 additions and 16 deletions
--- a/src/apps/history-writer.mjs
+++ b/src/apps/history-writer.mjs
@ -384,6 +384,7 @@ async function refreshPortfolioMetrics() {
    btcAsset: tradingConfig.tradingBtc,
    btcAssets: tradingConfig.tradingBtcAssets,
    eureAsset: tradingConfig.tradingEure,
+    trackedAssets: tradingConfig.trackedAssets,
  });
  const payload = computePortfolioMetric({
    baseline: inputs.baseline,
@ -393,6 +394,7 @@ async function refreshPortfolioMetrics() {
    btcAsset: tradingConfig.tradingBtc,
    btcAssets: tradingConfig.tradingBtcAssets,
    eureAsset: tradingConfig.tradingEure,
+    valuationAssets: inputs.valuationAssets || [],
    commandCount: inputs.commandCount,
    resultCount: inputs.resultCount,
  });
@ -402,7 +404,10 @@ async function refreshPortfolioMetrics() {
  const metricId = buildPortfolioMetricId({
    baselineInventoryId: inputs.baseline?.inventory?.inventory_id || null,
    currentInventoryId: inputs.currentInventory?.payload?.inventory_id || null,
-    currentPriceId: inputs.currentPrice?.payload?.price_id || null,
+    currentPriceId: [
+      inputs.currentPrice?.payload?.price_id,
+      ...(inputs.valuationAssets || []).map((asset) => asset.priceId),
+    ].filter(Boolean).join('+') || null,
  });
  await upsertPortfolioMetric(pool, {
    metricId,
--- a/src/core/operator-dashboard.mjs
+++ b/src/core/operator-dashboard.mjs
@ -551,6 +551,7 @@ export function buildDashboardBootstrap({
    inventorySnapshot,
    marketPrice,
    config,
+    portfolioMetric,
  });
  const funding = buildFundingSummary({
    config,
@ -771,7 +772,7 @@ function buildStatusBar({
  };
 }

-function buildBalanceSummary({ inventorySnapshot, marketPrice, config }) {
+function buildBalanceSummary({ inventorySnapshot, marketPrice, config, portfolioMetric = null }) {
  const inventory = inventorySnapshot?.payload || {};
  const spendable = inventory.spendable || {};
  const pendingInbound = inventory.pending_inbound || {};
@ -779,6 +780,11 @@ function buildBalanceSummary({ inventorySnapshot, marketPrice, config }) {
  const balanceAssets = config.trackedAssets?.length
    ? config.trackedAssets
    : [...config.assetRegistry.values()];
+  const metricValuationsByAssetId = new Map(
+    (portfolioMetric?.payload?.current_inventory?.valued_assets || [])
+      .filter((asset) => asset?.asset_id)
+      .map((asset) => [asset.asset_id, asset]),
+  );

  return {
    synced_at: inventory.synced_at || inventorySnapshot?.ingested_at || null,
@ -787,6 +793,7 @@ function buildBalanceSummary({ inventorySnapshot, marketPrice, config }) {
      const spendableUnits = String(spendable[asset.assetId] || '0');
      const pendingInboundUnits = String(pendingInbound[asset.assetId] || '0');
      const pendingOutboundUnits = String(pendingOutbound[asset.assetId] || '0');
+      const metricValuation = metricValuationsByAssetId.get(asset.assetId);
      return {
        asset_id: asset.assetId,
        symbol: asset.symbol,
@ -799,11 +806,13 @@ function buildBalanceSummary({ inventorySnapshot, marketPrice, config }) {
        pending_inbound: formatUnits(pendingInboundUnits, asset.decimals),
        pending_outbound_units: pendingOutboundUnits,
        pending_outbound: formatUnits(pendingOutboundUnits, asset.decimals),
-        eur_value_eure: valueAssetInEur({
+        eur_value_eure: metricValuation?.value_eure
+          || valueAssetInEur({
            asset,
            units: spendableUnits,
            marketPrice: marketPrice?.payload || marketPrice || null,
          }),
+        eur_value_source: metricValuation?.valuation_source || null,
      };
    }),
  };
--- a/src/core/portfolio-metrics.mjs
+++ b/src/core/portfolio-metrics.mjs
@ -9,6 +9,7 @@ export function computePortfolioMetric({
  btcAsset,
  btcAssets = null,
  eureAsset,
+  valuationAssets = [],
  commandCount = 0,
  resultCount = 0,
 } = {}) {
@ -24,10 +25,20 @@ export function computePortfolioMetric({
  const currentEure = unitsToScaledDecimal(currentEureUnits, eureAsset.decimals);
  const currentPriceScaled = parseScaledDecimal(currentPrice.eure_per_btc);
  const currentBtcMarkValue = multiplyScaled(currentBtc, currentPriceScaled);
-  const currentPortfolioValue = currentEure + currentBtcMarkValue;
+  const effectiveValuationAssets = normalizeValuationAssets({
+    valuationAssets,
+    btcAssets: effectiveBtcAssets,
+    eureAsset,
+  });
+  const currentValuedAssets = valueValuationAssets({
+    inventory: currentInventory,
+    valuationAssets: effectiveValuationAssets,
+    priceField: 'currentUnitValueEure',
+  });
+  const currentPortfolioValue = currentEure + currentBtcMarkValue + currentValuedAssets.total;

  const payload = {
-    metric_version: 2,
+    metric_version: 3,
    baseline_status: baseline ? 'active' : 'awaiting_first_execution',
    command_count: commandCount,
    result_count: resultCount,
@ -41,10 +52,12 @@ export function computePortfolioMetric({
      btcAsset: displayBtcAsset,
      btcAssets: effectiveBtcAssets,
      eureAsset,
+      valuationAssets: effectiveValuationAssets,
    }),
    current_portfolio_value_eure: formatScaledDecimal(currentPortfolioValue),
    current_btc_mark_value_eure: formatScaledDecimal(currentBtcMarkValue),
    current_eure_cash_value_eure: formatScaledDecimal(currentEure),
+    current_valued_asset_value_eure: formatScaledDecimal(currentValuedAssets.total),
    portfolio_vs_simple_hold_eure: null,
    trade_pnl_eure: null,
    mark_to_market_pnl_eure: null,
@ -63,6 +76,7 @@ export function computePortfolioMetric({
      net_btc: '0',
      net_eure_units: '0',
      net_eure: '0',
+      net_valued_assets: [],
      net_value_eure_at_flow_time: '0',
      net_value_eure_at_current_price: '0',
    },
@ -79,15 +93,37 @@ export function computePortfolioMetric({
  const baselineBtc = sumAssetScaled(baseline.inventory, effectiveBtcAssets);
  const baselineEure = unitsToScaledDecimal(baselineEureUnits, eureAsset.decimals);
  const baselinePriceScaled = parseScaledDecimal(baseline.price.eure_per_btc);
-  const baselinePortfolioAtBaselinePrice = baselineEure + multiplyScaled(baselineBtc, baselinePriceScaled);
-  const baselinePortfolioAtCurrentPrice = baselineEure + multiplyScaled(baselineBtc, currentPriceScaled);
-  const currentPortfolioAtBaselinePrice = currentEure + multiplyScaled(currentBtc, baselinePriceScaled);
+  const baselineValuedAssetsAtBaselinePrice = valueValuationAssets({
+    inventory: baseline.inventory,
+    valuationAssets: effectiveValuationAssets,
+    priceField: 'baselineUnitValueEure',
+  });
+  const baselineValuedAssetsAtCurrentPrice = valueValuationAssets({
+    inventory: baseline.inventory,
+    valuationAssets: effectiveValuationAssets,
+    priceField: 'currentUnitValueEure',
+  });
+  const currentValuedAssetsAtBaselinePrice = valueValuationAssets({
+    inventory: currentInventory,
+    valuationAssets: effectiveValuationAssets,
+    priceField: 'baselineUnitValueEure',
+  });
+  const baselinePortfolioAtBaselinePrice = baselineEure
+    + multiplyScaled(baselineBtc, baselinePriceScaled)
+    + baselineValuedAssetsAtBaselinePrice.total;
+  const baselinePortfolioAtCurrentPrice = baselineEure
+    + multiplyScaled(baselineBtc, currentPriceScaled)
+    + baselineValuedAssetsAtCurrentPrice.total;
+  const currentPortfolioAtBaselinePrice = currentEure
+    + multiplyScaled(currentBtc, baselinePriceScaled)
+    + currentValuedAssetsAtBaselinePrice.total;
  const externalFlowSummary = summarizeExternalFlows({
    externalFlows,
    currentPriceScaled,
    btcAsset: displayBtcAsset,
    btcAssets: effectiveBtcAssets,
    eureAsset,
+    valuationAssets: effectiveValuationAssets,
  });
  const fundedPortfolioAtFlowTime = baselinePortfolioAtBaselinePrice
    + externalFlowSummary.netValueEureAtFlowTime;
@ -131,6 +167,10 @@ export function computePortfolioMetric({
      externalFlowSummary.netEureUnits.toString(),
      eureAsset.decimals,
    )),
+    net_valued_assets: buildNetValuedAssetFlowView({
+      netValuedAssetUnits: externalFlowSummary.netValuedAssetUnits,
+      valuationAssets: effectiveValuationAssets,
+    }),
    net_value_eure_at_flow_time: formatScaledDecimal(externalFlowSummary.netValueEureAtFlowTime),
    net_value_eure_at_current_price: formatScaledDecimal(externalFlowSummary.netValueEureAtCurrentPrice),
  };
@ -140,6 +180,13 @@ export function computePortfolioMetric({
    eure_units: (BigInt(currentEureUnits) - BigInt(baselineEureUnits)).toString(),
    eure: formatScaledDecimal(currentEure - baselineEure),
  };
+  if (effectiveValuationAssets.length) {
+    payload.inventory_delta.valued_assets = buildValuedAssetInventoryDelta({
+      currentInventory,
+      baselineInventory: baseline.inventory,
+      valuationAssets: effectiveValuationAssets,
+    });
+  }
  payload.baseline = {
    anchor: baseline.anchor || 'latest_inventory_before_first_command',
    command_at: baseline.command_at || null,
@ -153,12 +200,49 @@ export function computePortfolioMetric({
      btcAsset: displayBtcAsset,
      btcAssets: effectiveBtcAssets,
      eureAsset,
+      valuationAssets: effectiveValuationAssets,
    }),
  };

  return payload;
 }

+export function buildCashEquivalentValuationAssets({
+  trackedAssets = [],
+  btcAsset = null,
+  btcAssets = null,
+  eureAsset = null,
+  priceEvents = [],
+} = {}) {
+  const effectiveBtcAssets = normalizeBtcAssets({ btcAsset, btcAssets });
+  const excludedAssetIds = new Set(
+    [...effectiveBtcAssets.map((asset) => asset.assetId), eureAsset?.assetId].filter(Boolean),
+  );
+  const payloads = (Array.isArray(priceEvents) ? priceEvents : [priceEvents])
+    .map((event) => event?.payload || event)
+    .filter(Boolean);
+  const usdcPrice = payloads.find((event) => event?.eure_per_btc && event?.usdc_per_btc);
+  const usdcUnitValueEure = usdcPrice
+    ? divideScaledDecimalStrings(usdcPrice.eure_per_btc, usdcPrice.usdc_per_btc)
+    : null;
+
+  return (trackedAssets || [])
+    .filter((asset) => asset?.assetId && !excludedAssetIds.has(asset.assetId))
+    .map((asset) => {
+      if (asset.symbol !== 'USDC' || !usdcUnitValueEure) return null;
+      return {
+        asset,
+        assetId: asset.assetId,
+        currentUnitValueEure: usdcUnitValueEure,
+        baselineUnitValueEure: usdcUnitValueEure,
+        valuationSource: 'btc_usdc_reference',
+        priceId: usdcPrice.price_id || null,
+        observedAt: usdcPrice.observed_at || usdcPrice.ingested_at || null,
+      };
+    })
+    .filter(Boolean);
+}
+
 export function buildPortfolioMetricId({ baselineInventoryId, currentInventoryId, currentPriceId }) {
  return [
    'portfolio-metric',
@ -168,11 +252,27 @@ export function buildPortfolioMetricId({ baselineInventoryId, currentInventoryId
  ].join(':');
 }

-function buildInventoryView({ inventory, btcAsset, btcAssets = null, eureAsset }) {
+function buildInventoryView({
+  inventory,
+  btcAsset,
+  btcAssets = null,
+  eureAsset,
+  valuationAssets = [],
+}) {
  const effectiveBtcAssets = normalizeBtcAssets({ btcAsset, btcAssets });
+  const effectiveValuationAssets = normalizeValuationAssets({
+    valuationAssets,
+    btcAssets: effectiveBtcAssets,
+    eureAsset,
+  });
  const spendable = inventory?.spendable || {};
  const btcUnits = sumAssetUnits(inventory, effectiveBtcAssets).toString();
  const eureUnits = String(spendable[eureAsset.assetId] || '0');
+  const valuedAssets = valueValuationAssets({
+    inventory,
+    valuationAssets: effectiveValuationAssets,
+    priceField: 'currentUnitValueEure',
+  });

  return {
    inventory_id: inventory?.inventory_id || null,
@ -190,6 +290,8 @@ function buildInventoryView({ inventory, btcAsset, btcAssets = null, eureAsset }
    }),
    eure_units: eureUnits,
    eure: formatAssetUnits(eureUnits, eureAsset.decimals),
+    valued_assets: valuedAssets.items,
+    valued_assets_value_eure: formatScaledDecimal(valuedAssets.total),
  };
 }

@ -199,14 +301,21 @@ function summarizeExternalFlows({
  btcAsset,
  btcAssets = null,
  eureAsset,
+  valuationAssets = [],
 }) {
  const effectiveBtcAssets = normalizeBtcAssets({ btcAsset, btcAssets });
+  const effectiveValuationAssets = normalizeValuationAssets({
+    valuationAssets,
+    btcAssets: effectiveBtcAssets,
+    eureAsset,
+  });
  let flowCount = 0;
  let depositCount = 0;
  let withdrawalCount = 0;
  let latestEffectiveAt = null;
  let netBtcUnits = 0n;
  let netEureUnits = 0n;
+  const netValuedAssetUnits = new Map();
  let netValueEureAtFlowTime = 0n;
  let netValueEureAtCurrentPrice = 0n;

@ -237,6 +346,24 @@ function summarizeExternalFlows({
      const eureAmount = unitsToScaledDecimal(signedUnits.toString(), eureAsset.decimals);
      netValueEureAtFlowTime += eureAmount;
      netValueEureAtCurrentPrice += eureAmount;
+    } else {
+      const valuedAsset = effectiveValuationAssets.find((asset) => asset.assetId === flow.asset_id);
+      if (!valuedAsset) continue;
+      netValuedAssetUnits.set(
+        valuedAsset.assetId,
+        (netValuedAssetUnits.get(valuedAsset.assetId) || 0n) + signedUnits,
+      );
+      const amount = unitsToScaledDecimal(signedUnits.toString(), valuedAsset.decimals);
+      const flowUnitValue = parseScaledDecimal(
+        flow.reference_price_eure_per_unit_at_flow_time
+          || valuedAsset.baselineUnitValueEure
+          || valuedAsset.currentUnitValueEure,
+      );
+      netValueEureAtFlowTime += multiplyScaled(amount, flowUnitValue);
+      netValueEureAtCurrentPrice += multiplyScaled(
+        amount,
+        parseScaledDecimal(valuedAsset.currentUnitValueEure),
+      );
    }
  }

@ -247,11 +374,114 @@ function summarizeExternalFlows({
    latestEffectiveAt,
    netBtcUnits,
    netEureUnits,
+    netValuedAssetUnits,
    netValueEureAtFlowTime,
    netValueEureAtCurrentPrice,
  };
 }

+function normalizeValuationAssets({ valuationAssets = [], btcAssets = [], eureAsset = null } = {}) {
+  const excludedAssetIds = new Set([
+    ...normalizeBtcAssets({ btcAssets }).map((asset) => asset.assetId),
+    eureAsset?.assetId,
+  ].filter(Boolean));
+
+  return (valuationAssets || [])
+    .map((entry) => {
+      const asset = entry.asset || entry;
+      const assetId = entry.assetId || entry.asset_id || asset.assetId || asset.asset_id || null;
+      const currentUnitValueEure =
+        entry.currentUnitValueEure
+        ?? entry.current_unit_value_eure
+        ?? entry.valueEurePerUnit
+        ?? entry.value_eure_per_unit
+        ?? null;
+      const baselineUnitValueEure =
+        entry.baselineUnitValueEure
+        ?? entry.baseline_unit_value_eure
+        ?? currentUnitValueEure;
+      if (!assetId || excludedAssetIds.has(assetId) || currentUnitValueEure == null) return null;
+      return {
+        assetId,
+        symbol: asset.symbol || entry.symbol || assetId,
+        label: asset.label || entry.label || asset.symbol || entry.symbol || assetId,
+        decimals: Number(asset.decimals ?? entry.decimals ?? 0),
+        currentUnitValueEure: String(currentUnitValueEure),
+        baselineUnitValueEure: String(baselineUnitValueEure),
+        valuationSource: entry.valuationSource || entry.valuation_source || null,
+        priceId: entry.priceId || entry.price_id || null,
+        observedAt: entry.observedAt || entry.observed_at || null,
+      };
+    })
+    .filter((asset) => (
+      asset
+      && Number.isInteger(asset.decimals)
+      && asset.decimals >= 0
+      && asset.decimals <= VALUE_SCALE
+    ));
+}
+
+function valueValuationAssets({ inventory, valuationAssets, priceField }) {
+  const spendable = inventory?.spendable || {};
+  let total = 0n;
+  const items = [];
+
+  for (const asset of valuationAssets || []) {
+    const units = String(spendable[asset.assetId] || '0');
+    const amount = unitsToScaledDecimal(units, asset.decimals);
+    const unitValue = parseScaledDecimal(asset[priceField] || asset.currentUnitValueEure);
+    const value = multiplyScaled(amount, unitValue);
+    total += value;
+    items.push({
+      asset_id: asset.assetId,
+      symbol: asset.symbol,
+      label: asset.label,
+      units,
+      amount: formatAssetUnits(units, asset.decimals),
+      value_eure: formatScaledDecimal(value),
+      unit_value_eure: formatScaledDecimal(unitValue),
+      valuation_source: asset.valuationSource,
+      price_id: asset.priceId,
+      observed_at: asset.observedAt,
+    });
+  }
+
+  return { total, items };
+}
+
+function buildValuedAssetInventoryDelta({
+  currentInventory,
+  baselineInventory,
+  valuationAssets,
+}) {
+  const currentSpendable = currentInventory?.spendable || {};
+  const baselineSpendable = baselineInventory?.spendable || {};
+
+  return (valuationAssets || []).map((asset) => {
+    const currentUnits = BigInt(currentSpendable[asset.assetId] || '0');
+    const baselineUnits = BigInt(baselineSpendable[asset.assetId] || '0');
+    const deltaUnits = currentUnits - baselineUnits;
+    return {
+      asset_id: asset.assetId,
+      symbol: asset.symbol,
+      units: deltaUnits.toString(),
+      amount: formatAssetUnits(deltaUnits.toString(), asset.decimals),
+    };
+  });
+}
+
+function buildNetValuedAssetFlowView({ netValuedAssetUnits, valuationAssets }) {
+  return (valuationAssets || []).map((asset) => {
+    const units = netValuedAssetUnits?.get(asset.assetId) || 0n;
+    return {
+      asset_id: asset.assetId,
+      symbol: asset.symbol,
+      units: units.toString(),
+      amount: formatAssetUnits(units.toString(), asset.decimals),
+    };
+  });
+}
+
 function normalizeBtcAssets({ btcAsset, btcAssets = null }) {
  const assets = btcAssets?.length ? btcAssets : [btcAsset];
  const byId = new Map();
@ -300,6 +530,15 @@ function multiplyScaled(left, right) {
  return (left * right) / VALUE_FACTOR;
 }

+function divideScaled(left, right) {
+  if (right === 0n) throw new Error('cannot divide by zero scaled decimal');
+  return (left * VALUE_FACTOR) / right;
+}
+
+function divideScaledDecimalStrings(left, right) {
+  return formatScaledDecimal(divideScaled(parseScaledDecimal(left), parseScaledDecimal(right)));
+}
+
 function formatScaledDecimal(value) {
  const negative = value < 0n;
  const absolute = negative ? -value : value;
--- a/src/lib/postgres.mjs
+++ b/src/lib/postgres.mjs
@ -1,6 +1,7 @@
 import { Pool } from 'pg';

 import { deriveIntentRequestOutcomeRecords } from '../core/intent-request-outcomes.mjs';
+import { buildCashEquivalentValuationAssets } from '../core/portfolio-metrics.mjs';
 import { deriveQuoteOutcomeRecords } from '../core/quote-outcomes.mjs';
 import {
  CURRENT_NBTC_ASSET_ID,
@ -2003,11 +2004,17 @@ export async function loadPortfolioMetricInputs(pool, {
  btcAsset = null,
  btcAssets = null,
  eureAsset = null,
+  trackedAssets = [],
 } = {}) {
  const effectiveBtcAssets = normalizeBtcAssets({ btcAsset, btcAssets });
-  const [currentInventory, currentPrice, commandAggregate, resultAggregate] = await Promise.all([
+  const [currentInventory, currentPrice, currentPriceEvents, commandAggregate, resultAggregate] = await Promise.all([
    loadLatestEventPayload(pool, 'intent_inventory_snapshots'),
-    loadLatestEventPayload(pool, 'market_price_events'),
+    loadLatestEventPayload(
+      pool,
+      'market_price_events',
+      "WHERE COALESCE(payload->>'eure_per_btc', '') <> '' ORDER BY COALESCE(observed_at, ingested_at) DESC LIMIT 1",
+    ),
+    loadLatestMarketPricePayloadsByRoute(pool),
    pool.query(`
      SELECT
        MIN(ingested_at) AS first_command_at,
@ -2023,11 +2030,20 @@ export async function loadPortfolioMetricInputs(pool, {
  const firstCommandAt = commandAggregate.rows[0]?.first_command_at || null;
  const commandCount = Number(commandAggregate.rows[0]?.command_count || 0);
  const resultCount = Number(resultAggregate.rows[0]?.result_count || 0);
+  const valuationAssets = buildCashEquivalentValuationAssets({
+    trackedAssets,
+    btcAsset: effectiveBtcAssets[0],
+    btcAssets: effectiveBtcAssets,
+    eureAsset,
+    priceEvents: currentPriceEvents.map((entry) => entry.payload),
+  });

  if (!firstCommandAt) {
    return {
      currentInventory,
      currentPrice,
+      currentPriceEvents,
+      valuationAssets,
      baseline: null,
      commandCount,
      resultCount,
@ -2052,12 +2068,15 @@ export async function loadPortfolioMetricInputs(pool, {
      btcAsset: effectiveBtcAssets[0],
      btcAssets: effectiveBtcAssets,
      eureAsset,
+      valuationAssets,
    })
    : [];

  return {
    currentInventory,
    currentPrice,
+    currentPriceEvents,
+    valuationAssets,
    baseline: baselineInventory && baselinePrice ? {
      anchor: 'latest_inventory_before_first_command',
      command_at: new Date(firstCommandAt).toISOString(),
@ -2070,6 +2089,28 @@ export async function loadPortfolioMetricInputs(pool, {
  };
 }

+async function loadLatestMarketPricePayloadsByRoute(pool) {
+  const result = await pool.query(`
+    SELECT DISTINCT ON (payload->>'price_route_id')
+      observed_at,
+      ingested_at,
+      payload
+    FROM market_price_events
+    WHERE COALESCE(payload->>'price_route_id', '') <> ''
+    ORDER BY payload->>'price_route_id', COALESCE(observed_at, ingested_at) DESC
+  `);
+
+  return result.rows.map((row) => ({
+    observed_at: toIsoTimestamp(row.observed_at),
+    ingested_at: toIsoTimestamp(row.ingested_at),
+    payload: {
+      ...(row.payload || {}),
+      observed_at: row.payload?.observed_at || toIsoTimestamp(row.observed_at),
+      ingested_at: row.payload?.ingested_at || toIsoTimestamp(row.ingested_at),
+    },
+  }));
+}
+
 export async function upsertPortfolioMetric(pool, {
  metricId,
  computedAt,
@ -3081,6 +3122,7 @@ async function loadExternalAssetFlowsSince(pool, {
  btcAsset,
  btcAssets = null,
  eureAsset,
+  valuationAssets = [],
 } = {}) {
  const effectiveBtcAssets = normalizeBtcAssets({ btcAsset, btcAssets });
  const [depositRows, withdrawalRows] = await Promise.all([
@ -3098,6 +3140,7 @@ async function loadExternalAssetFlowsSince(pool, {
      btcAsset: effectiveBtcAssets[0],
      btcAssets: effectiveBtcAssets,
      eureAsset,
+      valuationAssets,
    }));
  }

@ -3109,6 +3152,7 @@ async function loadExternalAssetFlowsSince(pool, {
      btcAsset: effectiveBtcAssets[0],
      btcAssets: effectiveBtcAssets,
      eureAsset,
+      valuationAssets,
    }));
  }

@ -3167,6 +3211,7 @@ async function normalizeExternalFlowRow(pool, {
  btcAsset,
  btcAssets = null,
  eureAsset,
+  valuationAssets = [],
 } = {}) {
  const payload = row?.payload || {};
  const details = payload.details || {};
@ -3177,12 +3222,16 @@ async function normalizeExternalFlowRow(pool, {
  const effectiveAt = toIsoTimestamp(details.created_at || row.observed_at || row.ingested_at);
  const signedUnits = (sign * BigInt(amount)).toString();
  let referencePriceAtFlowTime = null;
+  let referencePriceEurePerUnitAtFlowTime = null;
  const effectiveBtcAssets = normalizeBtcAssets({ btcAsset, btcAssets });
  const flowBtcAsset = effectiveBtcAssets.find((asset) => asset.assetId === assetId);
+  const valuationAsset = valuationAssets.find((asset) => asset.assetId === assetId);

  if (flowBtcAsset) {
    const nearestPrice = await loadNearestPricePayload(pool, effectiveAt);
    referencePriceAtFlowTime = nearestPrice?.payload?.eure_per_btc || null;
+  } else if (valuationAsset) {
+    referencePriceEurePerUnitAtFlowTime = valuationAsset.currentUnitValueEure || null;
  } else if (assetId !== eureAsset?.assetId) {
    return null;
  }
@ -3199,6 +3248,7 @@ async function normalizeExternalFlowRow(pool, {
    tx_hash: details.tx_hash || null,
    withdrawal_hash: details.withdrawal_hash || null,
    reference_price_eure_per_btc_at_flow_time: referencePriceAtFlowTime,
+    reference_price_eure_per_unit_at_flow_time: referencePriceEurePerUnitAtFlowTime,
  };
 }

--- a/test/history-writer-static.test.mjs
+++ b/test/history-writer-static.test.mjs
@ -8,3 +8,9 @@ test('history writer replays durable topics but joins the raw quote firehose liv
  assert.match(source, /fromBeginning:\s*topic !== config\.kafkaTopicRawNearIntentsQuote/);
  assert.match(source, /Raw quote volume is a live firehose/);
 });
+
+test('history writer passes tracked assets into portfolio valuation', () => {
+  assert.match(source, /trackedAssets:\s*tradingConfig\.trackedAssets/);
+  assert.match(source, /valuationAssets:\s*inputs\.valuationAssets \|\| \[\]/);
+  assert.match(source, /inputs\.valuationAssets[\s\S]+asset\.priceId/);
+});
--- a/test/operator-dashboard.test.mjs
+++ b/test/operator-dashboard.test.mjs
@ -909,6 +909,75 @@ test('bootstrap balances exclude imported catalog assets that are not inventory-
  );
 });

+test('bootstrap balances reuse portfolio metric valuation for tracked USDC', () => {
+  const config = buildDualBtcConfig();
+  const usdcAsset = {
+    assetId: 'nep141:eth-0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48.omft.near',
+    symbol: 'USDC',
+    label: 'USDC',
+    decimals: 6,
+    chain: 'eth:1',
+    enabledForInventory: true,
+  };
+  config.trackedAssets = [...config.trackedAssets, usdcAsset];
+  config.assetRegistry.set(usdcAsset.assetId, usdcAsset);
+
+  const bootstrap = buildDashboardBootstrap({
+    config,
+    portfolioMetric: {
+      computed_at: '2026-05-18T15:49:19.436Z',
+      baseline_anchor_at: '2026-04-02T18:10:43.569Z',
+      baseline_status: 'active',
+      payload: {
+        current_portfolio_value_eure: '344.233277302186441562',
+        current_inventory: {
+          valued_assets: [{
+            asset_id: usdcAsset.assetId,
+            amount: '366.39517',
+            value_eure: '314.632199818186441562',
+            valuation_source: 'btc_usdc_reference',
+          }],
+        },
+      },
+    },
+    inventorySnapshot: {
+      ingested_at: '2026-05-18T15:49:19.000Z',
+      payload: {
+        synced_at: '2026-05-18T15:49:19.000Z',
+        reconciliation_status: 'ok',
+        spendable: {
+          [config.tradingBtc.assetId]: '45186',
+          [config.tradingEure.assetId]: '0',
+          [usdcAsset.assetId]: '366395170',
+        },
+        pending_inbound: {},
+        pending_outbound: {},
+      },
+    },
+    marketPrice: {
+      payload: {
+        observed_at: '2026-05-18T15:49:19.000Z',
+        eure_per_btc: '65509.40000000',
+      },
+    },
+    recentQuotes: [],
+    submissionPage: { page: 1, page_size: 20, total: 0, total_pages: 1, items: [] },
+    submissionSummary: { total: 0 },
+    fundingObservations: [],
+    recentTradeDecisions: [],
+    recentExecuteTradeCommands: [],
+    recentExecutionResults: [],
+    recentAlertTransitions: [],
+    serviceSnapshots: [],
+  });
+
+  const usdcRow = bootstrap.funds.balances.items.find((item) => item.asset_id === usdcAsset.assetId);
+  assert.equal(usdcRow.spendable, '366.39517');
+  assert.equal(usdcRow.eur_value_eure, '314.632199818186441562');
+  assert.equal(usdcRow.eur_value_source, 'btc_usdc_reference');
+  assert.equal(bootstrap.status_bar.current_total_portfolio_value_eure, '344.233277302186441562');
+});
+
 test('bootstrap keeps no-trade counts without shipping non-rendered row payloads', () => {
  const config = buildConfig();
  const bootstrap = buildDashboardBootstrap({
--- a/test/portfolio-metrics.test.mjs
+++ b/test/portfolio-metrics.test.mjs
@ -1,7 +1,11 @@
 import test from 'node:test';
 import assert from 'node:assert/strict';

-import { buildPortfolioMetricId, computePortfolioMetric } from '../src/core/portfolio-metrics.mjs';
+import {
+  buildCashEquivalentValuationAssets,
+  buildPortfolioMetricId,
+  computePortfolioMetric,
+} from '../src/core/portfolio-metrics.mjs';

 const btcAsset = {
  assetId: 'nep141:btc.omft.near',
@ -22,6 +26,12 @@ const eureAsset = {
  decimals: 18,
 };

+const usdcAsset = {
+  assetId: 'nep141:eth-0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48.omft.near',
+  symbol: 'USDC',
+  decimals: 6,
+};
+
 test('portfolio metrics compute portfolio comparison and mark-to-market pnl from baseline funding inventory', () => {
  const metric = computePortfolioMetric({
    baseline: {
@ -135,6 +145,57 @@ test('portfolio metrics value both tracked BTC wrappers as BTC-equivalent invent
  ]);
 });

+test('portfolio metrics include tracked USDC valued from live BTC/USDC reference', () => {
+  const currentPrice = {
+    price_id: 'price-usdc-current',
+    observed_at: '2026-05-18T15:41:08.837Z',
+    eure_per_btc: '65495.20000000',
+    usdc_per_btc: '76316.32000000',
+  };
+  const valuationAssets = buildCashEquivalentValuationAssets({
+    trackedAssets: [nbtcAsset, btcAsset, eureAsset, usdcAsset],
+    btcAssets: [nbtcAsset, btcAsset],
+    eureAsset,
+    priceEvents: [currentPrice],
+  });
+
+  const metric = computePortfolioMetric({
+    baseline: null,
+    currentInventory: {
+      inventory_id: 'current-usdc',
+      synced_at: '2026-05-18T15:40:38.976Z',
+      spendable: {
+        'nep141:nbtc.bridge.near': '45186',
+        [usdcAsset.assetId]: '366395170',
+        [eureAsset.assetId]: '0',
+      },
+    },
+    currentPrice,
+    btcAsset: nbtcAsset,
+    btcAssets: [nbtcAsset, btcAsset],
+    eureAsset,
+    valuationAssets,
+  });
+
+  assert.equal(valuationAssets[0].currentUnitValueEure, '0.858206999498927621');
+  assert.equal(metric.current_btc_mark_value_eure, '29.594661072');
+  assert.equal(metric.current_valued_asset_value_eure, '314.442899476599500513');
+  assert.equal(metric.current_portfolio_value_eure, '344.037560548599500513');
+  assert.deepEqual(metric.current_inventory.valued_assets.map((asset) => ({
+    asset_id: asset.asset_id,
+    amount: asset.amount,
+    value_eure: asset.value_eure,
+    valuation_source: asset.valuation_source,
+  })), [
+    {
+      asset_id: usdcAsset.assetId,
+      amount: '366.39517',
+      value_eure: '314.442899476599500513',
+      valuation_source: 'btc_usdc_reference',
+    },
+  ]);
+});
+
 test('portfolio metrics treat later deposits and withdrawals as external cash flows instead of PnL', () => {
  const metric = computePortfolioMetric({
    baseline: {