Realized price
the average price coins last moved at
The average price every bitcoin last changed hands at. When the market price is above this line the average holder is up; when it falls below, the average holder is under water, which is historically where bottoms have formed.
DefinitionRealized cap divided by circulating supply. It divides by the FULL supply, including the pre-market coins that contributed nothing to the numerator; that is the standard definition and it is exactly the bias that active realized price removes.
LimitThe 1.46M BTC mined before a market price existed (17 July 2010) carry a cost basis of zero rather than being dropped, so they flatter every profit measure built on this. Supply with no cost basis charts how much that is. 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.