The per-pool decomposition of the same walk behind "Realized Price — All Pools Combined". Values every ZEC at the price it last "changed hands" on-chain rather than the current price — an estimate of the supply's aggregate cost basis. Top: realized price (realized cap ÷ supply) vs the spot price, decomposed per pool. Bottom: MVRV itself — spot ÷ realized — against the 1.0 line where the average coin breaks even, with the most prominent peaks and troughs labelled. Above 1.0 the average coin is held in profit (shaded green); below it the average holder is underwater (red). Method (flow-based): transparent ZEC is valued at the price it was mined or deshielded (volume-weighted average); shielded ZEC is valued at the price it was shielded into the pool; outflows leave at the running average. When market cap is below realized cap the average holder is underwater; when spot is above realized price, holders are in profit. Caveat: transparent→transparent moves are not re-priced, so transparent cost basis skews toward older (mining-era) prices.
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