Realised Price
What Is Realised Price?
The aggregate cost basis of all Bitcoin in circulation, calculated by dividing the Realised Cap by the total supply. Each UTXO is valued at the price it was last moved. This creates an on-chain average purchase price for the entire network.
How to Interpret
When price trades above the Realised Price, the average holder is in profit. Trading below it puts the average holder underwater and historically signals deep value zones and generational buying opportunities.
More Pricing Models Metrics
NUPL
Net Unrealised Profit/Loss — measures the total profit or loss of all Bitcoin holders as a proportion of market cap. Calculated as (Market Cap - Realised Cap) / Market Cap.
MVRV Ratio
Market Value to Realised Value — the ratio between Bitcoin's market cap and its realised cap. Measures whether Bitcoin is overvalued or undervalued relative to the aggregate cost basis of all holders.
LTH Realised Price
The average acquisition cost of Long-Term Holders (coins held for more than 155 days). Represents the conviction price of patient, long-term investors.
Mayer Multiple
The ratio of Bitcoin's price to its 200-day moving average. Created by Trace Mayer. A simple but effective measure of whether Bitcoin is overextended or undervalued relative to its longer-term trend.