Bitcoin realized price today
Coin Metrics data, daily series since 2011.
Full historical series
Logarithmic scale, in dollars. Source: Coin Metrics, derived from
PriceUSD and CapMVRVCur.
What it actually measures
The realized price values every coin in circulation not at today's price, but at the price it had the last time it moved on-chain. Adding up those valuations gives the realized capitalization; dividing it by circulating supply gives the realized price, expressed in dollars per coin — the same unit as the market price, so they can be compared directly.
It's money that actually changed hands, recorded on the chain. It's not a moving average or a trend line drawn over the price: it's the aggregate cost basis of whoever holds bitcoin today.
It's the same data already used by MVRV, just
expressed in dollars instead of as a ratio: realized price =
market price / MVRV. When the market price is above it, MVRV
is greater than 1 and this page shows it as a "positive premium";
when it's below, it's the same situation as an MVRV below 1.
Not a floor: 5 episodes in 15 years
It's often described as a natural floor for the price. It isn't: the market price closed below the realized price on 13.6% of days since 2011. Counting episodes and not days — a single stretch sustained over several weeks is one observation, not several — there were exactly 5 independent episodes:
| Period | Duration | Lowest point |
|---|---|---|
| Sep. 2011 – Apr. 2012 | 152 days | MVRV 0.39 (Oct. 2011) |
| Oct. 2014 – Oct. 2015 | 304 days | MVRV 0.56 (Jan. 2015) |
| Nov. 2018 – Apr. 2019 | 134 days | MVRV 0.69 (Dec. 2018) |
| March 2020 | 6 days | MVRV 0.88 (Covid panic) |
| Jun. 2022 – Jan. 2023 | 179 days | MVRV 0.75 (Nov. 2022, FTX) |
The longest lasted almost a full year (2014-2015). The shortest, just six days (the March 2020 panic) — the realized price didn't prevent either one, it only describes where the cost basis was when they happened.
The realized price doesn't always rise either
There's an even stronger assumption than "it's a floor": that the realized price itself is monotonically increasing, because it only reflects purchases. That's not true either. It fell from its own all-time high at least 8 times since 2011:
| From | To the low | Drop from the high |
|---|---|---|
| Jul. 2011 | May 2012 | −34.2% |
| Aug. 2014 | Oct. 2015 | −23.2% |
| Mar. 2018 | Mar. 2019 | −20.4% |
| Apr. 2022 | Jan. 2023 | −20.0% |
| Apr. 2013 | Apr. 2013 | −11.1% |
| Feb. 2020 | Apr. 2020 | −5.5% |
| May. 2021 | Jul. 2021 | −4.4% |
| Jan. 2018 | Feb. 2018 | −4.2% |
It happens because the realized price averages the cost of all circulating coins: when enough coins move at a price below the current average — a forced liquidation, a long-term capitulation — the average falls with them. The market price doesn't need to collapse: it's enough for more old supply to move than new capital comes in valuing above the average.
It's not just this indicator. Five independent metrics — MVRV, NUPL, Z-Score, Puell Multiple and Power Law — show the same cycle-by-cycle compression, and in 2025 none reached its classic threshold. See all five in one table →
That's why this site describes the current level instead of
announcing what comes next. The full methodology, with the code that
checks it, is published in the auditoria/ folder of the
repository.
Frequently asked questions
Is buying below the realized price a good idea?
It's a description that the network's average cost basis is above the current price, not an entry signal. It happened only 5 times in 15 years, and one of those times lasted almost a year — there's no guarantee how long it can extend or how much further it can fall in the meantime.
How often is it updated?
It's derived from Coin Metrics' daily series. This page fetches the latest available value every time it loads.
Can the data be verified?
Yes. It comes from dividing PriceUSD by
CapMVRVCur, both from Coin Metrics' Community API,
public and free. Anyone can request the same series and reproduce
the calculation.
Does it work for other assets?
Coin Metrics publishes MVRV — and therefore realized price — for Bitcoin and Ethereum. For the rest of the dashboard's assets there's no series available in the free API.
Follow MVRV without watching the screen
The dashboard lets you set up an email or Telegram alert for when MVRV — from which this realized price is derived — crosses a threshold you choose, with frequency control so it doesn't repeat the same alert on every run.
Related metrics
The realized price is the dollar basis for other metrics on the dashboard. The ones that read best alongside it:
- MVRV — the same data as a ratio instead of a dollar price. See the dedicated page →
- NUPL — the difference between market price and realized price, as a fraction of the capitalization. See the dedicated page →
- MVRV Z-Score — normalizes that same difference by historical volatility instead of by capitalization. See the dedicated page →
- Puell Multiple — looks at miner sell pressure instead of holders' cost basis. See the dedicated page →