Definition. Vaulted Price is a cost-basis model that prices the realized value of the network against its dormant supply, reflecting the potential energy stored in the system. Somewhat counter-intuitively it falls as accumulation deepens: the more supply that goes dormant, the greater the uncertainty over how much of it is genuinely lost rather than merely HODLed, and the lower the model trades. The chart plots the model against spot price.

Technical. The model re-weights Realized Price by Vaultedness, the complement of Liveliness:

• Vaulted Price = Realized Price / Vaultedness = Realized Price / (1 - Liveliness)

Realized Price and Liveliness are carried on the chart as hidden inputs.

Interpretation. The model is best appreciated at its extremes. Were every spendable coin to be spent, Vaultedness would collapse towards its minimum, the vaulted region would consist only of truly lost supply, and Vaulted Price would rise to a maximum — a high degree of certainty about the balance of lost versus active coins. Were all coins to cease transacting instead, Vaultedness would climb towards its maximum, uncertainty over the lost-versus-HODLed split would build, and Vaulted Price would decay towards a minimum. Because it accounts only for the relatively inactive supply, it establishes a more consistent floor near historical cycle lows than models weighted towards actively traded coins.

Notes. Built from Realized Price and Liveliness. The paired oscillator view, setting Vaulted MVRV against the classic MVRV, is charted as Vaulted MVRV. The complementary model for the active supply is Active Price. 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).