Investor Capitalization is the difference of Realized Cap and Thermocap. It discounts the capital paid to miners from the market’s general cost basis, serving as a bottom indicator in bear cycles. This metric was first put forward by ARK Invest.

This is the Point-in-Time (PiT) variant of Investor Capitalization. PiT metrics are strictly append-only and their history is immutable. The historic data does not necessarily reflect the best current knowledge, but the information at the time when a data point was first computed. PiT metrics are ideal candidates for applications in model backtesting and related quantitative purposes. Read our article on PiT metrics for more information.