Average cost basis vs price — Average cost basis vs market price (log)
Realized price uses Bitcoin's UTXO cost-basis data: Average cost basis vs price. It connects the current market with the prices at which coins were last moved.
When the market price falls below realized price, the average holder is underwater — historically the deepest, most fearful part of a bear market, and where accumulation paid off.
Cost-basis metrics describe on-chain movements, not every off-chain trade. They are best read as a market-structure view, not a guaranteed buy or sell signal.