Bitcoin Realized Price
Profit & Loss / Realized · CoinBoss Indicators Hub
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Source: blockchain.info on-chain statistics, refreshed every 12 hours.
Realized Price: the network's average cost basis
Realized Price = Realized Cap ÷ circulating supply. Realized Cap was introduced in 2018 by Nic Carter and Antoine Le Calvez of Coin Metrics (originally to discount long-lost coins): each coin is valued at the price of its last on-chain move. Dividing by supply yields the average acquisition cost of all holders — the most fundamental reference line in on-chain analysis, from which MVRV and NUPL both derive.
How price has interacted with the line
Verifiable on public charts: spot trading below Realized Price is rare and confined to late-stage bears — early 2015, November 2018 through April 2019, March 2020, and June 2022 into early 2023. A break below means the average holder is underwater; every such episode has mapped to cycle-bottom territory. Conversely, how far price stretches above the line in bulls (which is exactly MVRV) gauges overheating.
Methodological fine print
Two details shape interpretation. Lost ancient coins stay in the calculation at decade-old prices, dragging the average down — the true cost basis of active holders sits above this line. And coins changing hands inside exchanges never touch the chain, so cost-basis updates lag real turnover. It is an order-of-magnitude-correct approximation, not precise accounting. The LTH/STH Realized Price variants give separate cost lines for veterans and newcomers at finer granularity.
Beyond on-chain P&L, gauge market stress with live liquidations and the Fear & Greed Index.