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Bitcoin Realized Cap

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Realized cap (log scale)

Realized price (log scale)

What this is

Realized cap values every coin at the price it last moved on-chain, then sums it — so instead of "price × supply" (market cap), it's the aggregate cost basis of the whole network. Realized price is realized cap ÷ circulating supply: the average price at which the current supply last changed hands, often read as a network-wide break-even level. We derive both from our own node's UTXO-age index (no third-party data), which is exactly why MVRV is market cap ÷ realized cap.

Informational, not financial advice. · Explore valuation metrics in the app →