Realized Price reflects the aggregate price when each coin was last spent on-chain. Using Short- and Long-Term Holder heuristics, we can calculate the realized price (estimated average acquisition price) for each investor cohort.

• 🟠 The Realized Price reflects the average on-chain acquisition price for the entire coin supply.

• 🔴 Short-Term Holder Realized Price reflects the average on-chain acquisition price for coins held outside exchange reserves, which were moved within the last 155-days. These reflect the most probable coins to be spent on any given day.

• 🔵 Long-Term Holder Realized Price reflects the average on-chain acquisition price for coins held outside exchange reserves, which have not moved within the last 155-days. These reflect the least probable coins to be spent on any given day.

• 🟪 Periods where spot price falls below all cost basis models typically occur in deep bear markets where the average investor, irrespective of hold time, is holding an unrealized loss.

Note: The cost basis for these cohorts tend to separate during macro uptrends as coins are revalued to higher prices. Conversely, convergence tends to occur during bear markets as the investor base consolidates to higher conviction, longer-term investors.