Definition
Realized Price is an on-chain valuation figure equal to the Realized Cap divided by the circulating supply. Conceptually, it expresses the average cost basis of every bitcoin in existence: the volume-weighted price at which the current supply last moved on-chain. Where the spot price reflects what the marginal buyer or seller will transact at right now, Realized Price reflects what the entire holder base, on aggregate, paid for their coins.
How it is derived
Each unspent transaction output (UTXO) is valued at the price it last moved, those values are summed to produce the Realized Cap, and the total is divided by the number of coins in circulation. The output is a single USD-per-coin figure that updates as coins are spent and re-created at new prices. It moves slowly compared with spot price because most of the supply tends to stay dormant.
How it is interpreted
Analysts treat Realized Price as an aggregate breakeven level. When spot price trades above it, the supply on average holds an unrealized gain; when spot trades below it, the average coin is underwater. It is frequently broken out by cohort, for example separating long-term from short-term holders to compare their respective cost bases. It is a descriptive, educational metric, not a price prediction or a trading signal.
This entry is provided for educational purposes and is not trading advice. See Realized Cap for the aggregate from which it is drawn, and SOPR for a related cost-basis comparison applied to spent coins.
In Simple Terms
Realized Price is an on-chain valuation figure equal to the Realized Cap divided by the circulating supply. Conceptually, it expresses the average cost basis of…