Realised Cap
What Is Realised Cap?
The sum of all UTXOs valued at the price they were last transacted. Unlike market cap which values all coins at current price, Realised Cap weights each coin by its last on-chain moved price.
How to Interpret
Realised Cap growth during bull markets confirms genuine capital inflow. A declining Realised Cap signals net capital outflow from the Bitcoin network.
More Profit & Loss Metrics
URPD
UTXO Realised Price Distribution — shows the distribution of Bitcoin's supply at the price levels where coins were last moved. Creates a histogram of cost basis across all supply.
Realised Profit/Loss
The total profit or loss actually realized by coins that moved on-chain. Calculated from the difference between the price at which coins were acquired and the price at which they were moved.
MVRV Gradients
The rate of change of the MVRV ratio over time. Shows the acceleration or deceleration of unrealised profits/losses across the market.
SOPR
Spent Output Profit Ratio — the ratio of the price at which coins were spent to the price at which they were acquired. Shows whether coins are being moved at a profit (>1) or loss (<1).