Qu’est-ce que Realised cap ?

The idea is genuinely clever: it approximates aggregate cost basis rather than a mark-to-market figure that assumes every coin could sell at spot.

The catch is that useful variants depend on entity-clustering heuristics — guesses about which addresses share an owner — that differ between providers and are rarely published in full. We discuss it in analysis but do not put a number for it on the live board, because we could not defend the number.