Delta Cap (Realized Cap Minus Average Cap)

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Delta Cap subtracts Average Cap, the running mean of Bitcoin's daily market cap over its history, from Realized Cap, the aggregate cost basis of all coins. The result is a slow-moving line often treated as a deep-value floor for the network.

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In past cycles, Bitcoin's market cap has only approached or briefly touched Delta Cap during the most severe phases of bear markets, so the gap between the two shows how far valuation sits above that historical floor. Dividing Delta Cap by circulating supply gives Delta Price, which can be compared with BTC price directly.

Average Cap is an all-time mean, so the line reacts very slowly and has been tested in only a handful of cycles. Realized Cap still counts lost and long-dormant coins at their old prices. Treat Delta Cap as context for extreme undervaluation, not as a precise bottom.