Realised Price is Realised Capitalisation divided by circulating supply. It values each unspent Bitcoin output at the market price when that output was last created, then expresses the total as a price per coin.

It is widely used as an aggregate on-chain cost-basis proxy. “Proxy” is important: a coin can move without being bought, and change outputs can reset their last-moved price without a new owner.

How Realised Price is calculated

Formula. Realised Capitalisation ÷ Circulating Supply.

Realised Capitalisation sums the value of every current UTXO at the price when it was created. Outputs that have not moved for years retain an old reference price until they are spent and replaced by new outputs.

Why analysts compare it with spot

When spot is above Realised Price, Market Cap is above Realised Cap and the network is in aggregate unrealised profit under the last-moved-price model. Below it, the network is in aggregate unrealised loss.

Bitcoin has historically spent limited periods below the aggregate Realised Price, often during deep drawdowns. That history makes it a useful regime marker, not a floor that price must obey.

What it does not tell you

It does not reveal what each holder paid, who owns a UTXO, or whether its last movement was a sale. A market at Realised Price can still contain sharply different outcomes across long-term and short-term cohorts.

Lost coins, self-transfers, exchange reshuffles and provider-specific entity adjustments all affect interpretation. Cohort Realised Prices help with segmentation but remain on-chain estimates.

How to read it

Far above Realised Price. Market value carries a large aggregate unrealised gain under the model.

Above Realised Price. Aggregate unrealised profit, common in advancing regimes.

Near Realised Price. Market Cap and Realised Cap are close; historically an important regime boundary.

Below Realised Price. Aggregate unrealised loss under the last-moved-price proxy.

Realised Price updates daily inside the Cost Bases dashboard, beside long-term and short-term holder variants and the cost-basis distribution.

Common questions

Is Realised Price what the average holder paid?

Not literally. It is the average last-moved price of the UTXO set, which analysts use as a network cost-basis proxy.

Why does it move more slowly than spot?

Only spent outputs are repriced in Realised Cap. Dormant outputs keep their earlier reference prices, so the aggregate changes gradually.

What does spot below Realised Price mean?

Market Cap is below Realised Cap, placing the network in aggregate unrealised loss under the model. It does not mean every holder is underwater.

Does it act as support?

It has marked important historical regime changes, but it cannot force price to hold. Treat it as context, not a guaranteed support line.

Why do MVRV and NUPL use it?

Both compare current market value with Realised Cap. Realised Price is the same realised-value framework expressed per coin.