Realized cap values every coin at the price it last moved at. How BlockShield sources it, why the partial figure stays flagged, and what it is a denominator for.
Realized capitalisation values every unspent output at the price it last moved at, rather than at spot. It is the aggregate cost basis of the network — what the market collectively paid for the coins it holds.
Realized price is that aggregate divided by supply: the average cost basis of one coin. It is the denominator underneath MVRV and NUPL, which is why its coverage matters more than its own headline.
The published full-history figure comes from a free macro dataset, and every field states whether it was imported, derived, or computed here.
A self-computed figure is kept alongside as a second opinion on our own coverage, and it is flagged partial: the query behind it reached back only about 730 days, which covers roughly half of supply. It is never used as a denominator.
That distinction is not cosmetic. A denominator missing half the coins understates realized cap by a measured amount and roughly doubles the ratio built on it — which is how a wrong number ends up wearing a familiar name.
These metrics are computed for Bitcoin and not for account-based chains. Each one needs the price at which a specific coin last moved, and only a UTXO model records that as an observable event.
Realized price is a cost basis, not a support level. Spot has traded below it in every cycle.
A stored scalar cannot tell a full-history run from a partial one, so the partial flag stays on until a full-history run actually lands — it is removed in the commit that records one, not before.
Providers compute, the store persists, the API reads. A provider outage costs freshness, not the tab, and the age of what you are reading is published with it.
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