Realised Price and Realised Cap
Realised capitalisation values each coin at the price it last moved on-chain, instead of today’s price; realised price is that total divided by the supply. It approximates the average cost basis of holders.
Realised cap values every coin at the price it last moved on-chain instead of today's price. Divide it by supply and you get realised price, a rough average cost basis for the whole market. Traders compare it with the market price to judge whether holders are broadly in profit or at a loss.
- Category
- Cryptocurrency and Blockchain
- Reading time
- 4 min
- Also called
- Realized price, Realized capitalization, Realised value
- Updated
Realised price in plain words
Realised cap values each bitcoin at the price it last moved on-chain, rather than today's price.1
You can think of it as a rough estimate of what all holders together paid for their coins.1
Realised price is simply realised cap divided by the number of coins in supply.
How realised price is built
Track each coin
Find the last time each coin moved on-chain.
Value at that price
Value every coin at the price when it last moved.2
Add it up
The sum is realised cap.
Divide by supply
Realised cap ÷ circulating supply = realised price.
Compare with market price
Above realised price, the average holder is in profit.
Filter by holder age
Try the long-term version, which looks only at coins that haven't moved for many months.2
Worked examples
Example 1 — A three-coin market
Holders up about 25%Hypothetically, coin A last moved at $20, coin B at $40 and coin C at $60. Today's price is $50.
| Realised cap | 20 + 40 + 60 = $120 |
| Realised price | $120 ÷ 3 = $40 |
| Market cap | 3 × $50 = $150 |
Each coin is valued at the price it was last transacted on-chain, so the average cost is $40 against a $50 price.1
Example 2 — Below realised price
Average holder down 25%A hypothetical coin trades at $30 with a realised price of $40.
| Gap | $30 − $40 = −$10 |
| MVRV | 30 ÷ 40 = 0.75 |
In the past, the rare dips of MVRV below 1 have been some of the best buying opportunities — though history may not repeat.1
Example 3 — Old coins discount
$75,000 gapA hypothetical 1,000 coins last moved at $5 while the price is now $80.
| Realised value | 1,000 × $5 = $5,000 |
| Market value | 1,000 × $80 = $80,000 |
Coins last moved when prices were low pull the realised value down.1
Realised vs market measures
| Aspect | Market | Realised |
|---|---|---|
| Price used per coin | Today's price | Price when it last moved |
| What it estimates | Current value | Aggregate cost basis |
| How fast it moves | Every trade | Only when coins move on-chain |
| Per-coin figure | Market price | Realised price |
How traders use realised price
Cycle lows
Price under realised price often marks a deep Bear Market.
Support zones
Some treat it as a broad Support and Resistance area.
Profit context
It frames market-wide Realized and Unrealized P&L.
Valuation ratios
It is the base for MVRV and links to Market Capitalisation.
Advantages and disadvantages
Advantages
- Gives a market-wide cost basis.
- Moves slowly, so it filters noise.
- Uses public blockchain data.
Disadvantages
- Misses exchange-internal trades.
- Lost coins stay valued at old prices.
- Methods differ between providers.
- Not a timing signal on its own.
Going deeper
Read as far as you need. Each level builds on the one before it.
An average entry price
Beginner
Realised cap approximates holders' total cost basis; realised price is the same figure per coin.1
Gap to market cap
Intermediate
A high MVRV-Z score means market value has raced far ahead of realised value, so holders sit on big paper gains.2
Holder cohorts
Advanced
Long-term variants count only coins that haven't moved for months, separating patient holders from active traders.2
Common mistakes
Treating it as a hard floor
Price can stay below it for months.
Ignoring lost coins
Old lost coins distort the average.
Mixing providers
Different methods give different numbers.
Using it for short trades
It moves too slowly for intraday use.
Check your understanding
Test yourself before moving on. Each answer comes with an explanation.
Key points to remember
- Realised cap values coins at their last on-chain move.
- Realised price is realised cap per coin.
- It approximates the market's cost basis.
- Price above it means holders are in profit on average.
- It is slow context, not a timing tool.
Frequently asked questions
Is realised price the same as average buy price?
Why does realised cap change slowly?
Does it work for every coin?
Further learning
- Market Capitalisation
The market-value side.
- Realized and Unrealized P&L
Paper vs locked-in gains.
- Break-Even
Cost basis for one trade.
- Support and Resistance
Price zones.
Sources
This article is written in our own words. The sources below support the specific facts, rules and figures marked with a number in the text. Links open the original publisher’s page.
- Coin Metrics. The Coin Metrics Bitcoin On-Chain Indicators Primer (opens in a new tab) Checked .
- Galaxy Digital Research. Introduction to On-Chain Analysis (opens in a new tab) Checked .
Educational content, not financial advice. Examples use hypothetical prices and simplified costs; actual fees, margin rules and regulations vary by broker, market and country. We are not affiliated with any publisher linked above. Last reviewed . Report an error or request a source credit.