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, market value to realized value, or 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.
This is realized price decomposed: instead of one chain-wide number, each pool's own cost basis and the capital sitting in it. Everything true of the combined figure is true here. Most importantly: on a shielded chain “last changed hands” can only mean last crossed a pool boundary. So this is a floor on turnover rather than a measure of it.
Realized cap is not market cap. It values every coin at what it last cost instead of at today's price, which is why it moves smoothly through a crash: nothing repriced, the coins simply did not move. The gap between the two is the unrealised position of the whole supply.
Only the transparent pool's basis is exact. The shielded pools use the deposit model described on pool acquisition price, because individual notes are private.