Cost-basis capital by cohort — Cost-basis capital decomposed by holder cohort age — where the market’s embedded capital sits
Realized cap by age examines the age structure of Bitcoin's unspent supply: Cost-basis capital by cohort. It shows whether coins are maturing in wallets or being returned to circulation.
Where the market’s embedded capital sits by holder age. Young cohorts dominating realized cap = fresh capital rotated in near current prices (top-heavy).
Age bands are a lens on UTXOs, not on people. One holder can control many addresses, and a coin can move for reasons other than selling.