Cost Basis Map
Bitcoin's price against what three groups of owners paid for their coins: everyone (Realized Price), the owners still active (True Market Mean) and the recent buyers (Short-Term Holder cost basis, 180 days). Green columns mark the days price sat above both long-run cost bases. Computed by Safu from its own Bitcoin node.
Three cost bases, one price. The Realized Price is the average price at which every coin last moved. The True Market Mean strips out coins that look lost or permanently parked and averages only the owners still in the market. The Short-Term Holder cost basis averages the coins that moved within the last 180 days — the market's newest money. Each is a dollar level, so all three sit on the price axis.
Compare price with each group’s average cost. Green stripes mean price is above Realized Price AND True Market Mean. The recent-buyer (STH) line is separate: it can still be above price during a green stripe. These are group averages, not a claim that every owner is in profit.
In words: Realized Price = the value of every coin at the price it last moved, divided by the number of coins. True Market Mean = (realized cap − every dollar ever paid to miners) ÷ (coin supply × liveliness), where liveliness is the share of all coin-days ever created that have been spent. STH cost basis = the total paid for coins younger than 180 days ÷ how many of those coins there are. The green column rule: price above the Realized Price AND above the True Market Mean on that day.
Our short-term holder cut-off is 180 days; Glassnode's is 155, so their STH line and ours differ slightly. The Realized Price and True Market Mean lines run from 2010 on our own node, and so does the short-term holder line. All three are averages of cost — they say what owners paid, not what they will do. Note on the age split: our node's history before 2026-08-17 was replayed with a 155-day split between short- and long-term holders; from 2026-08-17 it uses 180 days, so the line can shift slightly on that date.
Computed by Safu from its own Bitcoin node: realized cap, coin-days destroyed, supply and the short-term holder cost basis read from the chain, combined with our own daily closes.
Computed in-house from Safu's Bitcoin node · 1 point/day since Aug 2010 · recomputed daily