Definition. Active Price is a cost-basis model estimating the average acquisition price of the economically active Bitcoin supply. It refines the classic Realized Price by discounting coins that sit dormant: as inactivity rises, the supply across which realized value is spread shrinks, and the implied cost basis rises. The chart plots the model against spot price.

Technical. The model re-weights Realized Price by Liveliness:

• Active Price = Realized Price / Liveliness

Realized Price and Liveliness are carried on the chart as hidden inputs.

Interpretation. Active Price may be read as the aggregate BTC acquisition cost — paid in hash power or in secondary markets — divided by the economically active supply. It is self-correcting: should long-dormant coins be spent and re-enter circulation, Liveliness rises and the model adjusts downwards automatically. Because Liveliness is always below 1, Active Price sits structurally above the Realized Price, making it a stricter benchmark: spot trading beneath it means the average economically active holder is underwater.

Notes. Built from Realized Price and Liveliness. The paired oscillator view, setting Active MVRV against the classic MVRV, is charted as Active MVRV. The complementary model for the dormant supply is Vaulted Price. Developed within the Cointime Economics framework for Bitcoin, a joint venture between Glassnode and ARK Invest, with full details available in two formats: an overview primer (Version I published via ARK) and a comprehensive guide for specialists (Version II published via Glassnode).