Each weekly snapshot of the full UTXO set, ordered by the block height it corresponds to. With so few points, the lines run straight between snapshots -- no smoothing -- so as not to suggest a trend this little data can't yet support.
Realized Price is the average acquisition cost of the whole evaluable supply: the sum of the price each coin had the last time it moved, divided by total supply. MVRV (Market Cap ÷ Realized Cap) compares current market price against that average cost -- above 1x, the average holder is in unrealized profit; below, in unrealized loss. NUPL expresses the same thing as a percentage of the network in unrealized profit (positive) or loss (negative), and is mathematically the same signal as MVRV (NUPL = 1 − 1/MVRV).
Weekly, we take a full snapshot of the UTXO set from our own Bitcoin Core node -- complete, unpruned, run by us, not a third-party API. Every evaluable coin gets its last-moved date looked up along with that day's market price, and it all gets summed into the Realized Cap.
Each coin's acquisition price is an estimate with a known bias -- moving funds between wallets of the same owner artificially resets that date, same underlying limitation as any Realized Cap calculation, not specific to this project -- and each UTXO's date is interpolated between known difficulty-epoch boundaries, not exact per block. Supply that couldn't be evaluated (outside the mapped date range or missing a historical price) contributes nothing to the Realized Cap but still counts toward total supply, so the resulting Realized Price is slightly underestimated, never inflated.
It has 4 weekly snapshots so far, all from the last few weeks. A full historical backfill -- rebuilding the UTXO set at past block heights, same mechanism already used for HODL waves -- is designed and documented in our Score version history. Until then, this page tracks the trend going forward honestly, without pretending to have years of history it does not have.
This doesn't feed into the NodeWitness cycle Score yet: the Score's MVRV indicator still comes from Coin Metrics, a third-party provider. This series is our own and independent, computed from scratch with our node -- meant to be able to replace that external dependency in the future, it isn't part of the Score's calculation yet.