Track Bitcoin’s Realized Cap by Coin Age in Coin Metrics Network Data Pro

We’ve added 13 new Bitcoin metrics to Coin Metrics Network Data Pro: age-band decompositions of realized capitalization. Historical data is available from Bitcoin's genesis block.

What these metrics are

Realized capitalization (CapRealUSD) values each UTXO at the price it last moved, giving you a picture of Bitcoin’s aggregate cost basis rather than its current mark-to-market value. These new metrics split that total into 13 age cohorts, from UTXOs that moved in the last 24 hours all the way to coins dormant for 10+ years. Each band represents coins that last moved within that specific age window - these are mutually exclusive cohorts, not cumulative thresholds. The bands sum to CapRealUSD.

• CapRealUSD1d       0-1 day
• CapRealUSD1w       1-7 days
• CapRealUSD1m       7-30 days
• CapRealUSD3m       30-90 days
• CapRealUSD6m       90-180 days
• CapRealUSD1y       180-365 days
• CapRealUSD2y       1-2 years
• CapRealUSD3y       2-3 years
• CapRealUSD4y       3-4 years
• CapRealUSD5y       4-5 years
• CapRealUSD7y       5-7 years
• CapRealUSD10y      7-10 years
• CapRealUSD10yPlus  10+ years

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These metrics are available to Network Data Pro subscribers.

What they tell you

The short-dated bands (1d through 6m) capture coins that moved recently, valued at current or near-current prices. When these bands represent a large share of total realized cap, it often coincides with high-conviction price discovery periods - but the metric alone doesn't tell you whether coins are moving from long-term holders into new buyers (distribution) or from short-term sellers into accumulating hands. For example, to determine direction, pair it with an exchange supply metric like SplyExNtv: rising short-dated realized cap weight alongside net outflows from exchanges suggests accumulation; the same weight shift with net inflows suggests distribution.

The longer-dated bands reflect coins last moved during prior periods, priced at whatever BTC was trading at the time. That could be high (2021 holders in the 3-5yr band) or low (2018-2019 accumulation in the same range).

The 10y+ band is largely coins that haven't moved in over a decade, which may include lost supply, but are valued at early prices regardless.. Its realized cap contribution is minimal despite representing a non-trivial amount of BTC, which is one of the things that makes this metric useful: it naturally down-weights coins that are likely lost.

How to use them

Watching realized cap weight shift from older cohorts into shorter-dated ones is a signal that long-term holders are moving coins at today’s prices, often associated with distribution into strength. The inverse tends to accompany accumulation.

One straightforward approach: track the combined share of the 1d-6m bands as a percentage of total CapRealUSD on a rolling basis. When that share rises meaningfully, it indicates a large portion of the aggregate cost basis is being re-established at current prices. Paired with price action, that shift tells you whether the repricing is happening into strength or into weakness.

These metrics also sharpen MVRV analysis. Two scenarios with identical MVRV ratios look very different if one has realized cap concentrated in coins last moved at $60k versus coins last moved at $10k. 

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‍Getting started

Please reach out to your Talos representative with any questions. You can also explore the full methodology and view our full coverage details