Price / true market mean
price against what circulating coins cost their owners
A high value means the price is far above what the coins that actually trade cost their owners, ignoring coins that never move; a low value means it is close to or below that cost.
DefinitionPrice / true market mean, where true market mean = investor cap / active supply, and investor cap = realized cap - thermocap.
LimitAlgebraically this IS AVIV: price / (investor cap / active supply) reduces to active cap / investor cap once the supply cancels, so it was removed from the cycle dashboard rather than counted twice. It keeps its own chart. 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. Being corrected: this is built on active or vaulted supply, which the pipeline derived from the coinblocks liveliness while the published liveliness is coin-days. The gap averages 74,759 BTC of active supply, a median of 0.8%. The rebuild onto coin-days is under way and this caveat retires with it.