Realized Cap
Sum of all BTC valued at the price when they last moved.
Regular market cap = price x supply. Realized Cap = sum of each BTC valued at the price on its last transaction. A fair valuation: shows how much capital actually entered. Market cap / realized cap = MVRV. Realized Cap rises only when new capital enters and buys from old holders.
In plain words
Instead of multiplying today's price by all BTC, you sum what people actually paid for each BTC they hold.
Example
November 2024: BTC market cap 1.6T USD, realized cap 600B USD = 1 USD of fresh capital creates 2.7 USD of market value.
Also known as: realized capitalization