CHAIN PULSE
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Realized / Terminal

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In plain English

Three dollar prices. Spot is what you could sell a coin for today. Realized is closer to what the average coin last moved for on the blockchain — the crowd’s cost basis. Terminal is a historically extreme multiple that has often sat near cycle tops.

The lower pane squashes that sandwich onto a 0–100 ruler: 0 means sitting on cost basis, 100 means tagging terminal. Below 0 means the typical holder is underwater. Above 100 means spot ran past terminal.

Math and metrics

Realized: Coin Metrics Community (CapMrktCurUSD / CapMVRVCur / SplyCur). Terminal: Open Bitcoin Metrics CDD + CM price/supply. ×21 is the BM Pro / Checkmate reverse-supply convention, not a 21M identity.

realized ≈ realizedCap / supply ≡ spot / MVRV.

VDD = PriceUSD·CDD. Transferred = ΣVDD / (supply · days). Terminal = 21·Transferred.

osc = 100·(ln spot − ln realized) / (ln terminal − ln realized).