Vaulted realized price
cost basis measured against the hoard
The cost basis measured against the coins that are NOT moving. It falls as more bitcoin is hoarded, which looks backwards until you see why: the more that is locked away, the less we know about how much of it is merely held and how much is lost forever.
DefinitionRealized cap / vaulted supply, where vaulted supply = circulating supply x (1 - liveliness).
LimitThe counter-intuitive direction is the point, not a bug, but it makes this a poor line to read on its own. It is reliable near cycle lows and poor near peaks, which is the mirror of active MVRV. 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.