This toolkit includes a number of original pioneering pricing models developed during the very early days of the on-chain analysis discipline. These metrics are the shoulders of giants on which the field has built upon for years after.

Pricing Models

• Realized Price was one of the very first on-chain metrics, designed to reflect the 'average cost basis' for the market. Realised price values each coin in the supply at the time it was last spent on-chain. It was originally developed by the Coinmetrics team and released in December 2018, at the bottom of the bear market.

• Delta Price was released by David Puell in Feb 2019 as a sort of 'half fundamental, half technical' hybrid pricing model. It is calculated as the difference between the Realised Price, and the all-time average price. Delta cap has shown to catch the very bottom wicks of bear markets.

• Cumulative Value-Days Destroyed (CVDD) was created by Willy Woo in April 2019 and attempts to bring the volume of lifespan destruction into the price realm. It is calculated by taking the cumulative sum of coin-days destroyed times price, and then adjusting by a factor of 6Million times the total market trading days. Similar to Delta price, CVDD has a strong track record of supporting bear market floors.

• Transferred Price was developed by David Puell (also April 2019), and is based off similar principles to Willy's CVDD metric. Transferred Price instead adjusts by the coin supply, rather than the 6Mil calibration factor. Transferred Price reflects a life-to-date average price of all spending behaviour and typically trades at a significant discount to spot due to large volume of spending at historically cheap prices.

• Balanced Price was the next iteration and is calculated by taking the difference between Realised Price, and Transferred Price. This can be thought of as a 'fair value' model near the end of bear markets, where price matches the difference between what was paid (realized), and what was spent (transferred).

• Top Price was developed by Willy Woo and considers the all-time-average market cap, multiplied by a factor of 35. This establishes a ceiling model for macro market tops which has been effective across multiple cycles.