Definition. Realized Cap values different parts of the supply at different prices instead of using the current daily close. It represents the aggregate on-chain cost basis of the supply. MVRV is a related, normalized metric.

Technical. For BTC the metric is computed by valuing each UTXO at the price when it was last moved. For other assets, Realized Cap uses an address-based approach, valuing each address's balance at its balance-weighted average acquisition price. For ETH tokens, burn addresses are excluded.