Bitcoin Realized Price: On-Chain Cost Basis
Bitcoin realized price is realized capitalization divided by BTC supply. It summarizes the average cost assigned to coins at their last on-chain movement, weighted by BTC amount.
A supply-weighted average
For an illustrative network with 2 BTC last moved at $40,000 and 1 BTC last moved at $70,000, realized cap is $150,000. Dividing by 3 BTC gives a realized price of $50,000. The simple average of the two price observations, $55,000, would give the wrong weight to the smaller balance.
Real data contain many outputs and a provider-specific price history. The calculation uses values assigned to their last movement, not the midpoint of each displayed URPD bucket. Coarse bucket midpoints are useful illustrations but do not replace source realized cap.
Three prices with different meanings
| Price | What it describes | What it does not describe |
|---|---|---|
| Market / snapshot price | The source price for the selected observation day. | A guaranteed executable quote in your account. |
| Realized price | Supply-weighted average last-moved cost. | The average purchase receipt of identifiable investors. |
| Your purchase price | Your own transactions, fees and accounting records. | Something inferred from a network average. |
Wallet reorganizations, exchange withdrawals and change outputs can move the recorded cost basis without changing beneficial ownership. Lost or long-dormant coins can remain in the aggregate at old costs. These are reasons to treat realized price as an on-chain proxy.
The connection to MVRV
When market cap and realized cap use the same supply, MVRV equals snapshot market price divided by realized price. A market price of $100,000 and realized price of $50,000 gives MVRV of 2. The same inputs imply NUPL of 0.5.
A market price below realized price implies MVRV below 1 for those inputs. This describes aggregate valuation relative to recorded costs; it does not guarantee a bottom or prove that every holder is underwater.
Where to find it in the dashboard
Choose a UTC snapshot date and inspect the valuation section. Network realized price sits with network MVRV and NUPL. When a non-network cohort is selected, the page separates its supply/cost summary from the all-network macro section.
Check the scope and the date beside the number before comparing observations. A simulated price leaves realized cap and distribution fixed. Exported data and the source links let you examine the selected snapshot; the export is not your personal tax or brokerage statement.
Data and interpretation limits
Bitview supplies the snapshot inputs. The app uses a valid realized cap directly, or derives it from market cap minus complete source unrealized P&L where appropriate. It does not manufacture a realized price when inputs or the supply denominator are invalid.
Provider price series, source processing and the treatment of outputs can affect comparisons. A dated snapshot may be incomplete or delayed. Review the source rather than mixing one provider’s market value with another provider’s cost basis.
Questions about this metric
Is realized price the average exchange purchase price?
No. It is based on coins’ last on-chain movement. Off-chain trades and individual purchase receipts are not reconstructed.
Can realized price change without a new market high?
Yes. Spending and recreating outputs changes the last-moved values contributing to realized cap, even if the spot price does not reach a new high.
Does trading below realized price guarantee a recovery?
No. The relationship is descriptive and does not specify a recovery date, return or risk limit.