Investor Price strips freshly issued coins out of the calculation and reports only what buyers actually handed over. Leaving miners’ rewards in the mix muddies the answer, because those coins arrived without anybody committing capital to acquire them.

Put plainly, a block reward is not a purchase. Nobody paid for those coins, so counting them alongside coins somebody did pay for produces a figure that answers neither question properly. Take them out and what remains is money that was genuinely put at risk.

What it actually measures

A supply-wide cost basis enters mined coins at the moment they were issued, at whatever price the market happened to be. Nobody chose that price. Those coins carry a basis without anyone having made a decision to pay it.

Removing that portion isolates the capital investors put in deliberately. The result sits as a floor of committed capital, and it has acted as hard support during bear markets more reliably than the raw aggregate.

That reliability has a straightforward explanation. Levels behave like support in proportion to how much of the supply beneath them was bought deliberately, and this measure is built from exactly that supply.

A cost basis should only count coins somebody chose to buy

The point of a cost basis is to describe what the market committed, because commitment is what makes a level behave like support. A holder who paid a price has a reason to defend it. Issuance has no such holder behind it.

So including mined supply answers a question nobody asked, namely what the average would be if coins nobody ever bought were counted alongside the ones they did. Stripping it out does not make the measure cleverer, it makes it answer the question it was meant to.

What it does not tell you

Miners do sell, and when they do, those coins acquire a genuine buyer at a genuine price. The adjustment is a reasonable simplification rather than an exact accounting of who paid what.

It also remains a market-wide average, which means it cannot speak to distribution. A great many holders can be far from this level in both directions while the average sits exactly where it is.

And it inherits the ordinary weakness of every cost basis: it records what was paid, never what anyone intends to do about it. A holder underwater by a wide margin may sell tomorrow or hold for a decade, and the level looks identical either way.

How to read it

Far above Investor Price. Investors excluding miners hold a wide aggregate gain.

Above Investor Price. Non-miner investors are in aggregate profit, the ordinary condition.

Near Investor Price. Price has reached what the investing market itself committed.

Below Investor Price. The investor side of the network is losing money, a condition that has rarely lasted long.

Investor Price lives on the Cost Bases dashboard among Realised Price, Balanced Price and LTH Realised Price.

Common questions

What does Investor Price remove?

Freshly issued coins. What remains is the money buyers actually handed over to acquire their holdings.

Why does removing miner supply help?

Because a block reward is not a purchase. This kind of measure is supposed to describe money that was put at risk, and nothing was put at risk to receive a reward.

Why does it act as support?

Because a holder who chose to pay a price has a reason to defend it. A level built only from those holders behaves more like support than one diluted by issuance.

Is the adjustment exact?

No. Miners do sell, and those coins then have a real buyer at a real price, so this is a reasonable simplification rather than exact accounting.

How does it compare to Realised Price?

It sits on the same idea with issuance stripped out, which makes it a cleaner floor and a harder level for the market to lose.