Realized Capitalization
The aggregate value of a network's circulating supply, with each coin valued at the price it last moved on-chain rather than at today's price.
Realized capitalization values each coin in a network's circulating supply at the price it was last moved on-chain, rather than at the current market price — functioning as an aggregate, on-chain-derived cost-basis reference point for the network as a whole.
It's the denominator behind several other on-chain metrics, including the MVRV ratio, and is generally discussed as a more behaviorally meaningful reference point than raw market capitalization, since it reflects what holders actually paid rather than today's price alone.
Examples
- Realized capitalization staying flat while market capitalization rises can indicate price appreciation without much actual coin movement or new cost-basis formation.
- MVRV is calculated by dividing market capitalization by realized capitalization.
Learn more
Realized Capitalization and Realized Price
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Net Unrealized Profit/Loss (NUPL)
Read the Net Unrealized Profit/Loss (NUPL) glossary definition
Puell Multiple
Read the Puell Multiple glossary definition
Thermocap
Read the Thermocap glossary definition
MVRV Z-Score
Read the MVRV Z-Score glossary definition