Every pool's cost basis folded into one chain-wide number: the price at which the average ZEC last crossed a pool boundary. Top: that realized price against spot, shaded where the average coin is in profit.
Bottom: MVRV, which is market value to realized value (spot ÷ realized), with 1.0× marked as break-even — above it the average coin is up on its cost basis, below it underwater. The aggregation is supply-weighted (Σ cost of all five pools ÷ consensus supply), NOT the mean of the pools' realized prices, because the pools differ by three orders of magnitude in size.
Uses the same cost-basis walk as the per-pool charts, so the numbers reconcile. See the chart page for the full method and its limits — chiefly that transparent→transparent sends and intra-pool shielded payments are invisible to it, and that a pool migration re-prices the coins that moved.
Realized Price (all pools) was $333.22 on 2026-09-26, the last full day of data. That is 12.3% higher than 28 days ago, when it was $296.76.
🔗 permalink ⇆ compareRealized price asks what the average coin last cost, rather than what it is worth now.
Bitcoin can answer that exactly. Every unspent coin there carries the date it last moved, so the average is taken over real spends. On Zcash most ZEC sits in shielded pools, and a payment inside a pool is invisible by design.
So the only coin movement this chain can price is a pool crossing — value entering or leaving a shielded pool through the transparent turnstile, which consensus counts exactly. Realized price here is the price at which the average ZEC last crossed a pool boundary. A transparent-to-transparent send, or a shielded payment from one Orchard address to another, does not reprice anything.
That makes it a floor on turnover, never an overstatement. Coins have changed hands more often than this metric can see, so the average cost basis it reports is older, and therefore lower in a bull market, than the truth. Read the gap between spot and realized as “at least this much unrealized gain”, not “exactly this much”.
MVRV stands for market value to realized value. It is today’s price divided by the realized price. At 1.0× the average coin is exactly break-even on its last crossing. Above that it is in profit, below it is at a loss.
Both numbers divide by the same thing: the supply the node reports, which is also what market cap uses. So the two charts can be compared directly, and any drift in the pool accounting shows up as a visible level change instead of cancelling out of the ratio. For the same walk broken out by pool, see pool acquisition price.