Bitcoin Realized Cap
Realized Cap is the 'realized' version of market cap - it's obtained by pricing every circulating coin at the price it last moved on-chain, instead of the current market price. It is the denominator of both MVRV and MVRV Z-Score.
This chart shows real data up to September 27, 2026. The live value is free on Cedvel - no subscription needed.
Source: realized_cap (bitview.space / Bitcoin Research Kit)
What is it?
The 'realized' version of market cap - the total value obtained by pricing every circulating coin at the price it last moved on-chain, instead of the current spot price.
How is it calculated?
Realized Cap = sum over every UTXO of (amount × price at the time that UTXO was created). It is the denominator of MVRV and MVRV Z-Score.
How to read it
When Market Cap sits above Realized Cap, the average holder is in profit; the ratio between the two (MVRV) is the relationship that actually gets interpreted. On its own, Realized Cap is a magnitude/trend indicator - it carries no fixed threshold.
Things to watch out for
Cannot distinguish lost/inaccessible coins (e.g. lost private keys) - the same limitation as Realized Price. Because it is a cumulative, ever-growing quantity, its growth rate/trend is more meaningful to watch than its absolute level.
Historical usage
Because Realized Cap is a cumulative quantity, it has historically shown a persistent upward trend - what matters more than its absolute level is its ratio to Market Cap (MVRV) and its rate of growth.
Frequently Asked Questions
How is Realized Cap calculated?
Realized Cap = sum over every UTXO of (amount × price at the time that UTXO was created). It's the denominator of MVRV and MVRV Z-Score.
How is Realized Cap read on its own?
On its own it's a magnitude/trend indicator with no fixed threshold. Its ratio to Market Cap - MVRV - is the relationship that's actually interpreted.
What's the limitation of Realized Cap?
It cannot distinguish lost/inaccessible coins (e.g. lost private keys) - the same limitation as Realized Price. Because it's a cumulative, ever-growing quantity, its growth rate/trend is more meaningful to track than its absolute level.