Realized Price vs Market Price: Reading Crypto Cost Basis Onchain

Realized price is an on-chain estimate of the market’s aggregate cost basis. It takes the realized capitalization of a network and divides it by the circulating supply to produce a per‑coin figure. Market price, by contrast, is the current spot rate quoted by exchanges for immediate settlement.

The two answer different questions. Market price tells you what traders pay right now. Realized price tells you the average price at which the supply last changed hands on-chain. Analysts compare them to gauge unrealized profit and loss, identify cycle regimes, and contextualize holder behavior.

How realized price is calculated

Realized capitalization values each unit of supply at the USD price when it last moved on-chain, rather than today’s spot price. Coin Metrics introduced this cost‑basis lens to distinguish a network’s on‑chain value from its market capitalization, which simply multiplies spot price by supply. See the original concept note from Coin Metrics — Introducing Realized Capitalization.

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