Realized Cap
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Realized Cap values each bitcoin at the price when it last moved on-chain and adds them up. It approximates the total cost basis of all holders, a steadier gauge of the capital stored in the network than market cap.
How to read it
A rising Realized Cap means coins are changing hands above their previous cost, so fresh capital is entering at higher prices, typical of bull phases. A flat or falling line means coins are moving at or below their old cost, pointing to slower inflows or realized losses, which is more common in bear markets.
Lost and long-dormant coins remain counted at their old, low prices even though that capital may never move again, and non-trading transfers such as exchange wallet reshuffles still revalue coins at the day's price. Figures are in nominal USD, so growth rates compare better across cycles than absolute levels.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- Cost Basis & Valuation
- Type
- Single value
- Unit
- USD
- Data since
- 2009-01-03
- Latest data
- 2026-10-27
- Data points
- 6,507
FAQ
How is Realized Cap different from market cap?
Market cap multiplies the latest price by total supply, so it moves with every price tick. Realized Cap only changes when coins actually move on-chain and get repriced.
When does Realized Cap go down?
It falls only when coins move at a price below the one at which they last moved. A sustained decline therefore points to widespread realized losses, a pattern seen in past capitulation phases.
How is Realized Cap related to MVRV and Realized Price?
MVRV is market cap divided by Realized Cap, and Realized Price is Realized Cap divided by circulating supply. Both build on the same cost-basis measure.
