Investor cap
cost basis excluding coins bought from miners
The part of the total cost basis that came from investors buying from other investors, rather than from miners selling new coins. Unlike the mining half, this can fall, which is what makes it react to people capitulating.
DefinitionRealized cap - thermocap. Verbatim from the ARK cointime paper.
LimitIt inherits the unresolved thermocap question, and thermocap is flagged provisional while this is not, which is an inconsistency in the source catalogue rather than a statement of confidence. In euro this is the global market's cost basis expressed in euro, not what European holders paid; before 2013 the euro price is the dollar price converted at the ECB rate.