Realized Price is Realized Cap divided by circulating supply, so it expresses the average on-chain cost basis per BTC implied by the current UTXO set. Unlike spot, it moves only when supply is repriced through on-chain transfer activity or as the denominator changes over time.
When spot trades well above the line, unrealized profit is broadly positive; when spot compresses toward it, the market is moving back toward aggregate holder cost basis. The metric is most useful with MVRV and Realized Cap as a slow structural threshold rather than a fast oscillator.
The main caveat is aggregation. Realized Price is a single average over the whole supply base, so it hides dispersion across cohorts, entities, and age bands. A market can sit near the aggregate line while short-term holders are under water and older supply still holds a wide valuation cushion.
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