Currently, the $BTC price's 200-day moving average (black line) has crossed below the Realized Market Average Cost of Bitcoin (blue line). As of September 2022 ┌── Indicator Details ──┐ The Realized Market Average Cost of Bitcoin, also known as the 'Active Investor Price,' is not simply the average realized price of all coins. Instead, it specifically focuses on coins actively traded in the secondary market. The formula is: Investor Cap (market cap of investors, excluding Bitcoin mined but not yet traded in the secondary market) divided by Active Supply (time-weighted active supply, excluding long-term dormant and lost coins). This reflects the true average cost of coins purchased by genuinely active investors in the market (excluding newly minted coins by miners, lost coins, and long-term inactive holdings). It is considered the closest 'true market average' aggregate cost model for Bitcoin.