Bitcoin Realized Price

What realized price is

Realized price is the average price at which the current Bitcoin supply last moved on-chain — the network's aggregate cost basis, boiled down to one dollar figure per coin. Where spot price is what the market will pay right now, realized price is what the market, on average, already paid. Plotting the two together is one of the most-watched valuation lenses in on-chain analysis: it frames every price level against the cost basis of the people actually holding the coins.

How it's calculated

Realized price is realized cap ÷ circulating supply. Take the realized cap — every coin valued at the price it last moved — and divide by the number of coins in existence:

Realized price = realized cap ÷ circulating supply

We derive it from our own Bitcoin full node's UTXO-age index joined with a daily price series — the same pipeline behind realized cap and MVRV — rather than any third-party valuation feed. On the chart, realized price is drawn against spot on a shared log axis so the crossover between them is easy to read at a glance.

How to read it — spot vs realized price

The signal is the relationship between the two lines. When spot trades above realized price, the average coin is worth more than it last moved at — holders are in aggregate profit. When spot falls below realized price, the average holder is underwater, having last transacted at a higher price than the market now offers. That underwater condition is rare and has historically clustered around deep bear markets and major cycle lows, which is why realized price is often described as a long-term "cost-basis floor" — support that tends to hold because holders become reluctant to realize losses beneath it.

It's the dollar-level twin of MVRV: MVRV expresses the same gap as a normalized ratio, while realized price keeps it in familiar price terms you can overlay directly on a chart. Read both as descriptions of where the market sits relative to its own cost basis — not as forecasts of what comes next.

Related: Realized Cap · MVRV Z-Score · SOPR · all on-chain charts

Caveats

Realized price is an on-chain approximation of cost basis, not a record of the fiat actually paid. Lost and permanently dormant coins keep an old, low price stamp forever, which drags the raw figure slightly below the true cost basis of the liquid supply. Internal movements — exchange consolidations, wallet reshuffles, self-transfers — re-stamp coins at the current price without a real change of ownership, nudging the average. Treat it as a robust, slow-moving valuation baseline rather than a precise ledger — and, as with every metric here, as information rather than advice.

Frequently asked

What is Bitcoin realized price?
Realized price is realized cap divided by circulating supply — the average price at which the coins in existence last moved on-chain. In other words, the network’s aggregate cost basis expressed as a single dollar price per coin, which you can compare directly against spot.

What does it mean when Bitcoin trades below its realized price?
It means the average coin was last moved at a higher price than today’s — the market is underwater on its aggregate cost basis. Historically this condition has clustered around major cycle bottoms and deep bear markets, though it is a descriptive gauge of holder position, not a timing signal.

How is realized price different from MVRV?
They carry the same information in different forms. Realized price is the dollar level you overlay against spot; MVRV is the ratio of the two (market cap ÷ realized cap, equivalently spot ÷ realized price). Realized price answers "what did the average coin cost?"; MVRV answers "how far is spot above or below that?"

Is realized price a buy or sell signal?
No. It is an informational on-chain valuation lens, not financial advice. It describes where spot sits relative to the network’s average cost basis; it does not predict price.