Realized cap
Realized cap (realized capitalization) values every coin at the price it last moved on-chain, rather than at the current market price. Summing those individual prices gives an aggregate cost basis for the whole supply — a less speculative valuation than market cap, and the anchor beneath metrics like MVRV and SOPR.
How it is calculated
For every unit of supply, take the price at the moment it last moved on-chain and multiply by the amount; sum across all coins. Instead of pricing the entire supply at today's spot — the way market cap does — realized cap prices each coin at its own last-transacted value, so dormant coins keep their old, often much lower, valuation.
Why it matters
Market cap can double on a thin-volume spike because it re-prices every coin at the new price. Realized cap only moves when coins actually change hands, so it approximates real capital committed to the asset. The gap between the two — market cap minus realized cap — is the market's aggregate unrealized profit.
How to read it
A rising realized cap means coins are moving at higher prices than before: fresh capital is entering and raising the network's cost basis. A flat or falling realized cap means capital is leaving or coins are sitting dormant. Because it is the denominator of MVRV and the reference price for SOPR, realized cap underpins most on-chain valuation work.
Common misreads
Lost or long-dormant coins are counted at ancient prices, so realized cap is a proxy, not a literal tally of money invested. It also flatters assets with lots of forgotten supply, and thin altcoin chains produce noisy realized-cap figures.