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Metrics

Realized Cap

Total BTC supply valued at each coin's last-moved price

Category: Metrics Also known as: 3 Related terms: 3

What is Realized Cap?

Sum of each UTXO's value × the BTC-USD price at the block it was created. Measures aggregate cost-basis of all holders, not current market cap. Rising realized cap = accumulation; flat = HODL phase; falling = capitulation.

Context anchor

Market cap = price × supply now; realized cap = supply × last-moved price

Example

BTC realized cap crossed $500B in 2024, indicating accumulated cost basis growth

Also known as

realized capitalizationrealized market caprcap

Related terms

  • Realized PriceAverage BTC price paid when each coin was received (cost basis)
  • MVRVMarket value vs cost basis — how much an address is up (or down)
  • UTXO AgeTime since a coin last moved on-chain, basis for HODL Waves