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On-Chain Valuation Collection

Bitcoin Realized Cap

Market cap against the aggregate on-chain cost basis, in dollar terms

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Chart informationBitcoin Realized Cap

About This Indicator

Realized Cap values every coin at the price it last moved on-chain, then sums those values across circulating supply — an estimate of aggregate cost basis in dollar terms. Market Cap uses the current price instead. Comparing the two shows how far the market trades above or below the aggregate on-chain cost basis, the same relationship the MVRV Z-Score is built from, presented here as raw dollar values rather than a standardized score.

Current Value & Interpretation

Waiting for realized cap data.

Data Sources

  • Bitcoin price: CoinGecko API via backend price history
  • Realized price: stored DB values plus CoinMetrics community API history derived from PriceUSD / CapMVRVCur
  • Market cap and realized cap: price (or realized price) multiplied by circulating supply, computed by the backend

Last Updated

Waiting for data

Related Charts

  • Stock-to-Flow ModelCompares existing Bitcoin supply (stock) with new issuance (flow) to model scarcity. The app derives a model price from the ratio using the calibration 0.4 × ratio³.
  • Stock-to-Income RatioExtends the Stock-to-Flow idea by folding miner transaction fees/income into the issuance side, giving another lens on Bitcoin scarcity and model valuation.
  • MVRV Z-ScoreCompares Bitcoin market value with realized value, normalized to a Z-Score, to identify historically overheated and undervalued conditions.
  • Realized PriceEstimates the average on-chain acquisition price of circulating coins (aggregate cost basis). Spot below realized price implies aggregate loss; spot far above implies a large profit premium.