Definition. As investors deposit ETH into the Beacon Chain staking contract, we can assign a price-stamp to each deposit and thus calculate the realized value of the staked supply. This chart presents the following traces:

• Realized Price for the Ethereum network 🔵, capturing the average price at which the entire ETH supply last moved on-chain.
• Realized Price for PoS Deposits 🔴, capturing the average deposit price for all staked ETH.
• Aggregate Unrealized Profit/Loss on Deposits 🟡, shown as columns.

Technical. The staking-specific traces are constructed from staking volumes and price:

• Deposits Realized Price = cumsum(New Value Staked x Price) / Total Value Staked 🔴
• Unrealized Profit/Loss = (Price - Deposits Realized Price) x Total Value Staked 🟡

A staked-ETH MVRV variant (market value of the stake divided by the realized value of deposits) is also included in the workbench as a hidden series.

Interpretation. The Deposits Realized Price acts as the aggregate cost basis of the staker cohort: when spot price trades above it, the average staked position sits in unrealized profit, and the yellow columns quantify that cushion in USD. Comparing it with the network-wide Realized Price shows whether stakers, on average, entered above or below the broader holder base — a persistent premium indicates staking demand concentrated at higher price levels. Deep or prolonged unrealized losses for the staked cohort have historically been informative for gauging potential unstaking pressure, while large unrealized profits describe a comfortable validator base.

Notes. Built from Total Value Staked, New Value Staked and Realized Price. For the network-wide cost basis framework see Realized Price & MVRV; for the size of the staking pool see Proof-of-Stake Total and Effective Balance.