INVESTOR PRICE◎
—Investor cap ÷ circulating supply
TRUE MARKET MEAN / INVESTOR CAPITAL
Investor price.
Compare market price with investor capital per circulating coin. Thermocap or staking issuance is removed from realized cap before dividing by total circulating supply.
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BTC / USD — INVESTOR PRICE
DAILY COMPONENTS · ONCHAIN · THROUGH —
BTC market price Investor price
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BTC MARKET PRICE↗
—Same-day USD close
INVESTOR CAP◒
—Realized cap less producer cap
CIRCULATING SUPPLY✳
—Full circulating supply
/ 02 THE COMPONENTS
Investor capital.
Every circulating coin.
Capital and supply use observations from the same UTC day. The denominator is total circulating supply.
- Realized cap
- —
- Producer cap
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- Investor cap
- —
- Circulating supply
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- USD close
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/ 03 HOW IT'S BUILT
The price of
investor capital.
Producer issuance is removed from realized capital, then the remaining investor capital is spread across circulating supply.
INVESTOR PRICE(Realized Cap − Producer Cap) ÷ Circulating Supply
Capital at last movement
Realized cap values circulating coins at the price when each coin last moved. Measured on-chain observations supply this term.
Remove issuance value
Mining assets use thermocap. Staking assets use measured issuance valued at daily close, or a labeled protocol issuance estimate where available.
Divide by total supply
Investor price uses all circulating units. True market mean uses economically active supply, weighted by liveliness.
Investor price needs realized cap, a producer issuance cap, circulating supply and daily USD close observations.