On-Chain Cost-Basis Ladder
Onchain· DE: On-Chain-Kostenbasis-Leiter
A legible ladder of aggregate holder cost bases — Realized Price, STH cost basis, Active Price, True Market Mean and Vaulted Price — showing where spot sits relative to what holders paid, plus Cointime MVRV (market cap ÷ investor cap) as a valuation oscillator. All five rungs are BRK-native Cointime Economics series, not a self-reconstruction. Descriptive state, NOT a "below rung X = buy" signal.
Calculation
Read the five BRK-native cost-basis price series + spot; sort rungs by value and locate spot between them; AVIV = active_cap ÷ investor_cap shown raw + as an expanding trailing percentile (prefix-invariant). Data-integrity gate over the Cointime identities (investor_cap = realized_cap − thermo_cap, etc.).
Unit & source
usd · Bitcoin Research Kit (BRK) — Cointime Economics (ARK Invest × Glassnode, 2023)
Related terms
Knowledge objects measuring this
Definitions are for research and education. Metrics describe market conditions — not financial advice or a buy/sell signal.