Cost-Basis Ladder
A legible ladder of aggregate holder cost bases: Realized Price (market-wide), STH cost basis (buyers < 155 days), Active Price and True Market Mean (Cointime-weighted), and Vaulted Price (long-dormant holders). BTC spot (log) runs over the top; the deeper it sits in the stack, the more cohorts are in unrealised profit. Below it, Cointime MVRV (market cap รท investor cap) as a valuation oscillator around parity 1.0 โ it spikes to ~3โ5 at cycle tops and falls below 1 at bottoms. All quantities are BRK-native Cointime Economics series (ARKรGlassnode, 2023), not a self-reconstruction. Descriptive, not a buy/sell signal.
- Formula:
- Rungs: realized/sth/active/true-market-mean/vaulted price (BRK) ยท Cointime MVRV = market_cap รท investor_cap (market_cap = spot ร [active+vaulted supply]) ยท investor_cap = realized_cap โ thermo_cap
- Originator:
- Cointime Economics (ARK Invest ร Glassnode, 2023), BRK series
- Data source:
- BRK (Bitcoin Research Kit โ active_price/vaulted_price/true_market_mean/aviv_ratio, point-in-time in btc_chart_metrics) + Binance BTCUSDT daily โ compute-on-read via /api/charts/cost-basis-ladder
Strategies to backtest
Thematically related strategies from our library โ try them in the backtest engine or read up on the methodology.
The benchmark for everything else โ buy on day one, hold forever. The reference every strategy is measured against.
Open strategy โBuy a fixed amount on a fixed schedule โ week after week, regardless of price. Smooths volatility, removes timing decisions.
Open strategy โMore Bitcoin indicators
Is crypto-internal liquidity expanding or contracting? Stablecoin supply, spot-ETF flows and realized-cap change as 30-day impulses on one percentile scale โ with breadth, dispersion and a declared composition. A state, not a signal.
Difference between market cap and realized cap, normalised by standard deviation. Values above 5 mark the top region (4 of 5 historical bull tops), below 0 every bottom.
BTC price coloured by MVRV Z-Score regime โ from deep accumulation (green) to euphoria (red). Makes valuation phases visible over time.