Definition. Investor Capitalization is the difference between Realized Cap and Thermocap, discounting the capital paid to miners from the market's general cost basis and serving as a bottom indicator in bear cycles.

Technical. For ETH, Realized Cap uses an address-based approach, and Thermocap is the cumulative USD value of net issuance (issuance minus burned ETH) plus transaction fees, valued at issuance time.

Notes. First put forward by ARK Invest.