Realized Cap vs Market Cap compares Bitcoin's slower on-chain repricing base with its faster spot valuation. It shows where aggregate cost basis sits relative to the market value assigned to circulating supply.
Market Cap reacts immediately as price changes, while Realized Cap updates only as coins move and reset their on-chain cost basis. The gap between them is the absolute USD expression of unrealized profit or loss; MVRV turns the same relationship into a ratio.
This chart is intentionally absolute: it shows the USD scale of the spread between spot valuation and aggregate cost basis. MVRV and NUPL are better references when the same relationship needs to be normalized across cycles.
Sync mode is useful here because both series are USD valuations. Aligning the axes makes phases of valuation spread expansion and convergence easier to read.
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