Realized Price
The average price at which all coins last moved on-chain — the market's aggregate cost basis.
Realized price values every coin at the price it last moved on-chain, then averages across the supply — approximating what the market as a whole paid for its holdings. It’s derived from UTXO data: each coin’s “cost” is stamped by its last transaction.
As an aggregate cost basis, it’s a powerful support/resistance reference. When market price falls below realized price, the average holder is underwater — a condition that has historically marked deep bear market bottoms and capitulation zones. It’s the foundation for richer metrics like MVRV and one of on-chain analysis’s most durable tools.