Realized Price

Glassnode defines Realized Price as Realized Cap divided by the current quantity of coins. It is a quantity-weighted average of last-movement prices, not an average weighted by output count. Our unit check divides dollar value by BTC quantity to obtain USD per BTC; we do not produce a result without a positive corresponding denominator. [1]

Glassnode’s volume-weighted definition implies that a larger quantity has more influence on the average. Our arithmetic interpretation does not give each UTXO, address or person an equal vote. Averaging all output prices without their amounts generally gives a different result; nor can the result reveal the average account of an actual investor. [1]

Coin Metrics notes that many on-chain transactions are not trades and that Realized Cap does not directly measure actual stored value. Dividing by quantity does not remove this boundary. Our term average on-chain cost basis therefore describes an estimate based on reference prices, not a compilation of invoices, exchange purchases or tax acquisition costs. [3]

Glassnode calculates general Realized Price from current supply and separately describes variants for selected holder groups. Our check requires numerator and denominator to cover the same set at the same instant. Capitalization of selected outputs cannot be divided by the quantity of the entire market and presented as the price of that group. [1]

Glassnode explains that spending outputs revalues them at the price of the new movement. In our unadjusted interpretation, the numerator can therefore change even during a transfer between one’s own wallets. A rise in Realized Price alone proves neither cash inflow nor a higher actual purchase price for holders; the methodology of any adjustments also matters. [4]

For CapRealUSD, Coin Metrics uses the USD closing price on the day of last movement and the state at the day’s last available block. Our reproduction must therefore specify the price source, time, scope and treatment of missing data. A daily reference price must not automatically be substituted for the price of a specific trade, nor should agreement among all providers be assumed. [2]

Glassnode describes changes to historical on-chain metrics following data and methodology updates. Our comparison records the version of both inputs and when they became available. A retrospectively corrected series need not be information a contemporary observer could have held; without this distinction, a trading-rule test may use future knowledge. [5]

Glassnode distinguishes market and realized valuation as different views of the same assets. With identical supply and positive Realized Cap, our algebra also allows MVRV to be expressed as market price divided by Realized Price. This identity adds no evidence of purchases, profit for every person or any guarantee that price will return to the average; a historical level is not a binding price floor. [4]