What it shows
This page puts several cost basis lines and moving averages on one BTC price chart. A cost basis is the average price at which a group of coins last moved. The page shows the short-term holder cost basis, the True Market Mean, the Realized Price and the long-term holder cost basis. It also shows the 111-day, 200-day, 50-week and 200-week moving averages and the 2-year average. You can switch each line on or off from the legend or from the cards below the chart. Presets give quick groups: default, cost bases, averages and all.
- Selectable cost basis lines
- Moving average presets
- Latest value cards
How to read it
Turn on the lines you want and compare each one with the price. A line below the price shows a group whose average cost is lower than today’s price. A line above shows a group whose average cost is higher. Traders often watch these lines as support or resistance. That is a habit, not a rule. When several lines sit close together, that price area has more reference points. Use the log scale and the long range to compare cycles.
- Choose a preset or switch single lines on in the legend.
- Compare each visible line with the BTC price.
- Use the log scale and the ALL range to compare cycles.
What to keep in mind
Each line answers a different question and uses its own definition. Cost bases describe groups of coins. Moving averages describe price only. Weekly averages include the current week. The page does not draw an ETF cost basis, because no reliable history exists. Lines can cluster or spread apart. A cluster does not guarantee a reaction. Use the lines as reference points.
A missing value is not zero. Check the source and time under each data block before you compare numbers.
Questions
What is a cost basis model in Bitcoin?
A cost basis model estimates the average price at which a group of coins last moved on-chain. Examples are short-term holders, long-term holders and all coins. The line shows if the price is above or below that group’s average cost.
What is Realized Price?
Realized Price is the realized capitalization divided by the coin supply. Each coin is valued at the price of its last on-chain move. The result is the average cost of all coins together, including lost and dormant ones.
Which lines does the chart show by default?
The default view shows the price, the short-term holder cost basis, the True Market Mean, the 200-day average and the 200-week average. You can add or remove lines from the legend. The cost bases and averages presets change several lines at once.