This chart presents a series of pricing models which are often consulted during Bitcoin bear market trends.

• 🟢 Investor Price is calculated as the difference between the Realized Cap and the Thermocap, divided by Circulating Supply. The Investor price therefore reflects the average acquisition price for all coins which have been spent and distributed by miners.

• 🔵 Balanced Price is calculated as the difference between Realized Price (on-chain volume weighted) and Transfer Price (on-chain volume and time weighted). This model therefore attempts to capture the 'price paid' minus the 'price spent' by adjusting for investor holding time.

• 🟣 Delta Price is the difference between Realized Cap and the all-time Average Cap, divided by the Circulating Supply, producing a form of combined on-chain and technical pricing model.