Bitcoin Realized Cap values every coin at the price it last moved on-chain, then sums across the entire supply. Unlike traditional market cap (price times supply), realized cap represents the aggregate cost basis of the network: what holders, in aggregate, actually paid for their Bitcoin. It moves slowly and reflects real capital inflows rather than speculative volatility.
Realized cap is the foundation of an entire family of on-chain valuation metrics: MVRV (market cap divided by realized cap), NUPL (market cap minus realized cap, normalized), and realized price (realized cap divided by supply) are all derived from it. The 7-day change overlay on this chart isolates the rate of new capital entering or exiting the network: sustained positive momentum tracks bull markets, sustained negative momentum confirms bear markets.
Use realized cap as the "true" capital base of Bitcoin. When price trades far above realized cap, the network is in profit and the gap measures unrealized speculation. When price approaches or breaks below realized cap, the average holder is at or near a loss, a structurally rare condition that has historically marked major accumulation phases.
Check the selected asset, units, and cohort before comparing readings. Compare the metric over consistent dates and use related measures to understand what contributes to a change.
