The average price the coins our ledger holds (outputs of 0.01 BTC and up) last moved at, next to the market price. Below that line the average coin is under water.
$54,080 realized price · our own ledger on Oct-25 2026, the last day in this build, measured and published by askthetape.com.
Every coin our ledger holds remembers the day it last moved, and we know what bitcoin cost that day. Take each of those coins at that old price, add it all up, and divide by the coins our ledger holds: that is the realized price, what the ledger's coins paid on average. When the market price (the grey line) is above it, the average coin is in profit; below it, the average coin is under water. The number comes off our own ledger — we walk every unspent output of 0.01 BTC and up ourselves and price it on the day it was created, so none of this is anyone's estimate. One thing worth knowing before you compare it with someone else's: the denominator is a choice, and the paragraph below says which one we made and what the other one prints.
| leg | our own copy of the UTXO ledger (it was built once from a public chain archive and has been extended block by block from our own node since 2026-07-23) — every output of 0.01 BTC and up, with the day it was created and the day it was spent (6,806,860 rows on this build, ledger to 2026-10-25) — priced with exchanges' published daily closes (Bitstamp from Aug-18 2011; the Mt.Gox tape before) · realized price = realized cap ÷ every coin the ledger says is alive, the same realized cap the neighbouring page draws |
|---|---|
| cadence | daily, UTC · only closed days are drawn, and the ledger's last closed day on this build is 2026-10-25 |
| since | 2010-07-17 (price era) on this page — the same first day as our realized cap, because it is the same numerator. The raw ledger starts 2009-01-03, and the days before it are not drawn on purpose: with no market price in existence no coin carries a cost, so the number there is exactly zero — the absence of a price, not a cheap market. Market price on the grey line starts 2010-07-17: Mt.Gox daily closes to 2013-04-10, then Bitstamp. |
| 🩸 the same number as our realized cap | The numerator is not a second opinion of our realized cap — it is the same series the realized-cap page draws, and this build checks it day by day: realized price × the coins the ledger says are alive = that page's number on all 6,505 days they share (worst relative gap 1e-13, float noise), and realized price = realized cap ÷ alive supply on all 6,505 days of the file. A page that silently stopped agreeing with its own numerator would stop the build instead of printing. |
| 🩸 which coins are in the denominator | «Realized price» is one formula with two denominators, and that is the whole gap between providers. Ours is every coin our ledger holds (outputs of 0.01 BTC and up), including the 1,553,115 BTC (7.76 % of them) that last moved before 2010-07-17, when bitcoin had no market at all: they carry no cost and enter at zero. Divide by only the coins that do carry a price and the same day prints 9.96 % higher — measured on this build, median over 5,945 days, and that variant is the third line in the legend, off by default. We publish the first and name the second rather than pick quietly. |
| 🩸 early price | Price before 2011-08-18 is not our own capture: it is the Mt.Gox daily tape, the first market bitcoin ever had (Mt.Gox daily tape (close), an open mirror, sha256 3390e9e9, pulled 2026-09-12). Before 2010-07-17 there was no market at all, so coins born earlier carry no cost — we print that rather than fill it, and nothing is backfilled. |
| policy | no backfill · read it here · export: whole history |
| hourly window · where it comes from | the events of this window are read from our own node; the ledger they are added to was built once from a public chain archive and has been extended block by block from our own node since 2026-07-23. The events are every output of 0.01 BTC and up that died and every output that was born, read block by block (getblock … 3 with prevout), with the hour it happened. The carrier holds 8,235 hours, 2025-11-16T00:00:00Z → 2026-10-26T07:00:00Z, 343 days deep from a fixed first day and growing every hour. |
| hourly window · how the hours fold | STATE: the LAST hour of a stretch is that stretch's value (realized cap ÷ coins alive). «N hours» in the window's own header means BUCKETS WITH DATA, not the distance from the first point to the last — the header prints both. Selected spent-output flows are zero in verified no-block hours; ratios, states and other missing observations remain blank. Block counts are a separate series where present, and describe the native node segment only. |
| hourly window · what this ledger cannot see | the ledger does not see outputs below 0.01 BTC — that is 87,146 BTC, 0.433 % of the coins alive on 2026-10-25, measured against what our own node counts as mined (the scheduled subsidy of every block header it holds). It is a threshold, not a fault, and it is the same threshold the daily page carries. |
| hourly window · which price | the hour is priced with the Binance BTC perpetual of our own capture — the price of THAT HOUR. The daily page uses the Bitstamp daily close. The two were measured against each other on this build over 343 days: median 0.5 bp apart, mean 0.7 bp, worst 42.9 bp. Coins born before this window keep the daily close of their birthday, because the hour of their birth is not in the carrier. Second calibration, hour for hour against the public hourly closes of the spot venue (167 hours, measured 2026-09-19): median -0.05 bp, worst 24.46 bp — so the gap in the first number is the 23:00Z hour against a daily close, not one venue against another. A one-off check, not a captured feed. |
| hourly window · one line or two | a second, thinner line is drawn: «as the daily page counts» — the thin line prices coins born inside the window at their birthday's close instead of the hour they were born. What the two lines differ by is the whole of what the hour adds, and it is drawn rather than argued. |
| hourly window · judged | This comparison covers the native node segment from 16 November 2025 only: 🩸 12 birth × spend cells on 3 of 344 closed days differ from the daily ledger of our own node — see the judge log; this window is not vouched for until that is explained. Judge run 2026-10-26, 2.3 hours ago. The judge runs daily against the daily ledger of our own node; a day the 35-day carrier no longer holds is not judged rather than counted as a difference. |
| this build | data to Oct-25 2026 |
| policy | no backfill · read it here · export: whole history |
The chart itself is drawn in the browser: turn JavaScript on to hover a day, pick a window and draw your line. The numbers above come from the last build, Oct-26 2026 10:55Z.
What the tape says today · what's new · all 111 metrics