Bitcoin Realized Price
Realized Price is the volume-weighted average of the price at which every circulating coin last moved on-chain - an approximation of the market's aggregate 'average cost basis', and the core component of 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_price (bitview.space / Bitcoin Research Kit)
What is it?
The volume-weighted average of the price at which every circulating coin last moved on-chain - an approximation of the market's aggregate 'average cost basis'.
How is it calculated?
Realized Value (the sum of every coin's last-move price) ÷ circulating supply. Unlike the instantaneous market price, it's based on real on-chain transaction history and isn't affected by short-term spot-price volatility.
How to read it
When the market price sits above Realized Price, the average holder is in profit; when below, the average holder is in loss. Historically, the market price dropping below Realized Price has been rare and has usually overlapped with deep bear-market bottoms.
Things to watch out for
Cannot distinguish lost/inaccessible coins (e.g. lost private keys) - these coins still count as 'circulating' and can slightly distort the calculation.
Historical usage
The market price dropping below Realized Price has historically been rare and has usually overlapped with deep bear-market bottoms - a historically limited number of periods where the average holder was collectively underwater.
Frequently Asked Questions
How is Realized Price calculated?
Realized Value (the sum of every coin's last-move price) ÷ circulating supply. Unlike the instantaneous market price, it's based on real on-chain transaction history.
How is Realized Price interpreted?
When the market price is above Realized Price, the average holder is in profit; when below, the average holder is in loss. The market price dropping below Realized Price has historically overlapped with deep bear-market bottoms.
What's the limitation of Realized Price?
It cannot distinguish lost/inaccessible coins (e.g. lost private keys) - these coins still count as 'circulating' and can slightly distort the calculation.