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On-chain Data Academy (Part 1): Do you know what the average market-wide BTC cost is?
Original Article Title: "On-Chain Data School (Part 1): Do You Know What the Market-Wide BTC Average Cost Is?"
Original Article Author: Mr. Berg, On-Chain Data Analyst
TLDR
· This article will introduce "one on-chain analysis concept" and "three on-chain data points"
· MVRV represents the market-wide profit state
· Realized Price represents the average cost of holding BTC for the entire market
· Realized Cap can be thought of as "how much money the market collectively spent to buy BTC"
What Is Realized Cap?
Realized Cap, also known as Realized Market Cap, refers to "multiplying each unit of BTC by the price at the last transfer, and then summing them up".
In simple terms: Each transfer can be seen as a "transaction", so multiplying the corresponding amount of BTC by the price at the last transfer is equivalent to the cost of that transaction. Adding up these costs gives you the Realized Cap.
Realized Cap Chart
What Is Realized Price?
Realized Price (RP), also known as Realized Price, is the number obtained by dividing "Realized Cap by the current BTC circulating supply".
We can interpret this as: "Total cost of BTC purchased by the whole market / How many BTC were purchased".
In other words, this is the "average cost of BTC for the entire market". By the way, it's always a good buying opportunity when the price is below RP!
Realized Price Chart
(Price Below Realized Price)
What Is MVRV?
MVRV, short for MV divided by RV, represents the market's profitability status.
MV refers to the current BTC market value, i.e., "market price x circulating supply"; while RV is Realized Cap.
Moreover, if both the numerator and denominator of the formula are divided by the circulating supply, MVRV can also be expressed as "market price / RP." For example: if MVRV = 2, it represents an average market profitability of 100%.
MVRV Chart
Summary
The above is all the content of On-Chain Data School (Part One). For readers interested in delving deeper into on-chain data analysis, remember to track this series of articles!
If you want to see more analysis and educational content on on-chain data, feel free to follow my Twitter (X) account!
Hope this article has been helpful to you. Thank you for reading.
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Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.
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Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.
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The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.
Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.
Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.
The trading process has been streamlined into five steps:
· Choose the trading asset
· Select long or short
· Input position size and leverage
· Confirm order details
· Confirm and open the position
The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.
Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:
· End-to-end encrypted private groups supporting up to 1024 members
· End-to-end encrypted voice communication
· One-click position sharing
· One-click trade copying
On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.
By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.
Mixin has also introduced a referral incentive system based on trading behavior:
· Users can join with an invite code
· Up to 60% of trading fees as referral rewards
· Incentive mechanism designed for long-term, sustainable earnings
This model aims to drive user-driven network expansion and organic growth.
Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:
· Separation of transaction account and asset storage
· User full control over assets
· Platform does not custody user funds
· Built-in privacy mechanisms to reduce data exposure
The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.
Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.
The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.
Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.
This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."
The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.
Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.
Its core capabilities include:
· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations
· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets
· Decentralization: achieving full user control over assets without relying on custodial intermediaries
· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication
Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.
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