Dashboard/Lab/Realized Cap

Realized Cap

MVRV / NUPL

Sum of all UTXOs valued at the price when they last moved, measured coin by coin from our own node. Represents the aggregate cost basis of Bitcoin.

Current Value

$1,081,053,390,618

As of

2026-10-16

Z-Score

—

Signal

No threshold

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Methodology

Open, reproducible — computed from our own archive node

Definition

Realized Cap — the aggregate cost basis of all bitcoin: every coin valued at the price the last time it moved, summed across the entire UTXO set.

Formula

realized_cap = Σ cost_basis_usd(unspent outputs)

How we compute it

Measured directly from our own node. Every output is valued at the daily close on the day it was created. Realized cap on day D is the cumulative cost basis of all outputs created up to D, minus the cumulative cost basis of all outputs spent up to D, which leaves exactly the unspent set. The series is rebuilt every night and is written only if two gates pass. First, realized cap on 2026-06-30 must be within 1% of the value computed directly from our node's UTXO snapshot (it is within 0.009%). Second, the implied unspent supply must track mined supply.

Provenance · Every on-chain metric traces back to our own self-hosted Bitcoin archive node — no third-party data vendor sits in the path. We extract the full UTXO lifecycle (each output's creation height/time, value, and the height/time it was later spent), join it against an independent USD price oracle, and roll it up into daily aggregates. The metric formulas are pure functions over those aggregates (src/pipeline/formulas.py), so any value on this page can be reproduced from the published daily archive.

Interpretation

Realized cap behaves like an on-chain 'cost basis' of the whole network — it rises as coins change hands at higher prices and is far less volatile than market cap. Market cap crossing below realized cap (MVRV < 1) marks capitulation.

Caveats & limitations

  • ·Until 2026-10-12 this series was a seeded estimate: hand-entered anchor values with daily changes filled in between. It was off by up to 15% at the 2017 top and 20-50% in 2025, and it jumped at each anchor. It is still published as Realized Cap (legacy seeded estimate) for continuity. The method change and its impact are logged on the track-record page.
  • ·Coins mined before mid-2010 had no market price and are valued at $0. Since 2014, MVRV from this series is within 0.3% of Coin Metrics (median).

References

Coinmetrics, "Realized Capitalization"

Data points: 6,491 rows, 2009-01-03 to 2026-10-16Open in Lab →

Current Realized Cap reading

As of 2026-10-16, Bitcoin’s Realized Cap is $1.08T, compared with $1.10T one year earlier (2025-10-16). The series has 6,491 daily readings from 2009-01-03 to 2026-10-16, computed from our own full-archive Bitcoin node and refreshed every day.

Historical extremes

The highest Realized Cap on record is $1.12T on 2025-11-26; the lowest is $0 on 2009-01-03. Readings near either end of that range have historically coincided with cycle turning points — use the chart above to see where today sits relative to past extremes.

Read it with

  • MVRV — Market Value to Realized Value.
  • MVRV Z-Score — Standardized MVRV separating market cap from realized cap relative to volatility.
  • NUPL — Net Unrealized Profit/Loss.
  • Thermocap — Market cap divided by cumulative miner revenue.
  • BTC Price — Bitcoin price (USD)

Data & method

Source: computed from raw UTXO data on OnChainLab’s own Bitcoin node — no third-party data vendor. Category: MVRV / NUPL. Last updated 2026-10-16. The full series is free to download as JSON or as part of the full daily CSV, and the published dataset is cryptographically committed — you can verify it yourself. Browse all metrics.