Definition. Active Realized Price (red) is an iteration on the classic Realized Price, seeking a more representative estimate of the average cost basis for the Bitcoin market. It accounts only for coins which are economically active and automatically discounts the coin supply as inactivity increases. The chart shows it against spot price and Realized Price (purple), together with the derived Active MVRV oscillator.

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

• Active Realized Price = Realized Price / Liveliness
• Active MVRV = Spot Price / Active Realized Price

The classic MVRV = Spot Price / Realized Price is shown alongside for comparison.

Interpretation. Active Realized Price may be considered as the aggregate BTC 'acquisition price' (by hash power or in secondary markets), divided by the economically active supply (Active Supply). It is a self-correcting model that will automatically adjust in the event that long-dormant coins are spent and re-enter circulation. Active MVRV measures price deviation from the Active Realized Price, providing an oscillator gauge of the unrealized profit/loss held within the economically active coin supply — by excluding dormant and lost coins, it tends to be a stricter benchmark than classic MVRV, trading at higher levels and demanding stronger markets to reach equivalent extremes.

Notes. Built from Realized Price, Liveliness and Circulating Supply. Sibling models: Vaulted MVRV, Cointime MVRV, and the True Market Deviation (AVIV Ratio). 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).