Definition. True Market Mean Price, or Active-Investor Price, is a representative cost-basis model for all coins acquired on secondary markets. It is calculated as the ratio of Investor Cap to Active Supply and is the denominator of the AVIV Ratio.

Interpretation. Spot above the True Market Mean Price places the average active investor in unrealized profit, while spot below places them in unrealized loss, making it a market-wide cost-basis anchor for bull/bear regime analysis.

Notes. Developed within the Cointime Economics framework for Bitcoin, a joint venture between Glassnode and ARK Invest. Full details are available as an overview primer (Version I, ARK) and a specialist guide (Version II, Glassnode).