Holder value vs cost basis

Two numbers per day, for the whole holder base at once. Holder value is what the tokens current holders own are worth at that day's price. Cost basis, also called realized cap, is what those same holders paid for them in total.

When holder value is above cost basis, holders as a group sit on an unrealised profit; below it, on an unrealised loss.

The space between the two lines is that position, in dollars.

Tokens held on centralized exchanges count in both, because they are investor money even though an exchange's wallet is not a holder; infrastructure wallets don't.

Why compare the two: price is set by the last trades, while cost basis is anchored to what every current holder actually paid, so it moves more slowly and says where the holder base stands.

A token crossing back over its cost basis (Reclaimed cost basis) or falling under it (Lost cost basis) is a signal on Blocktronics, written in plain English with the day it happened.

1. 1

   The cost-basis panel stores both lines per day. The card draws holder value as a solid line and cost basis as a dashed one, and fills the space between them in the positive colour where value is above cost and the negative colour where it is below.

2. 2

   The headline is the latest holder value and the gap against cost on that day.

   gap = holder value − cost basis
3. 3

   Their ratio is MVRV, the next step of the same read.

   MVRV = holder value ÷ realized cap
4. 4

   A young token's swap read divides both by the holders counted that day ($5 or more, the holders panel), so you see what the average holder holds and how far up or down that holder is in dollars, on the newest settled day both panels carry.

   average holder value = holder value ÷ holders; up or down = (holder value − cost basis) ÷ holders
5. 5

   The cost-basis balance shows the same two numbers as weights on a balance: its pans hang below the knife edges, so the beam's tilt depends only on their ratio.

   tan θ = k · (MVRV − 1) ÷ (MVRV + 1)

HighShape, not data

Holder value far above cost basis: holders as a group sit on a large unrealised profit.

LowShape, not data

Holder value far below cost basis: holders as a group sit on a large unrealised loss.

RisingShape, not data

The gap widening upward: price is outrunning what holders paid.

FallingShape, not data

The gap closing or turning negative: value is falling toward or under what holders paid.

Evidence in the data, never advice

• It is an aggregate. A holder base in profit overall can still have most wallets at a loss, if the early large holders are deep in profit.
• The average holder is an average too: a few large early wallets can be up a lot while most are down. Holder value counts tokens on exchanges, which the holder count leaves out, so the average leans high where exchanges hold much of it.
• Cost basis is not fixed. It is what current holders paid, so it moves whenever tokens change hands at a new price.
• The cost-basis panel can carry a partial row for the current UTC day whose figures still move; the signal rules read settled days only.
• It describes where holders stand today; it doesn't forecast a price.