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ETF Realized Cap (Per Fund)

WAC-based USD cost of all BTC held by a specific ETF fund

PropertyValue
CategoryETF Analytics
UnitUSD
Resolution1d
AssetsBTC
TierPro
API EndpointGET /v1/etf/ticker
Fieldrealized_cap

Overview​

ETF Realized Cap (Per Fund) is the total USD value at which a specific ETF fund acquired its Bitcoin holdings, calculated using the Weighted Average Cost (WAC) method. Unlike market cap (which uses the current price), realized cap reflects the actual cost basis of the fund's BTC position. It provides a measure of "capital deployed" into a fund.

Formula​

The realized cap is computed incrementally using WAC (Weighted Average Cost):

Realized Capt={BTC Holdingst×Ptif first dayRealized Capt−1+ΔBTCt×Ptif inflow(ΔBTC>0)Realized Capt−1×BTC HoldingstBTC Holdingst−1if outflow(ΔBTC<0)\text{Realized Cap}_{t} = \begin{cases} \text{BTC Holdings}_{t} \times P_{t} & \text{if first day} \\ \text{Realized Cap}_{t-1} + \Delta\text{BTC}_{t} \times P_{t} & \text{if inflow} (\Delta\text{BTC} \gt 0) \\ \text{Realized Cap}_{t-1} \times \frac{\text{BTC Holdings}_{t}}{\text{BTC Holdings}_{t-1}} & \text{if outflow} (\Delta\text{BTC} \lt 0) \end{cases}

Where PtP_{t} is the BTC spot price on date tt and ΔBTCt\Delta\text{BTC}_{t} is the daily net flow.

Interpretation​

  • Rising realized cap: The fund is deploying more capital at current prices. Growing realized cap alongside growing holdings = healthy accumulation.
  • Falling realized cap: The fund is experiencing net redemptions. Capital is leaving.
  • Realized cap > Market cap (fund's BTC value): The fund is "underwater" — acquired BTC at higher prices than current market.
  • Realized cap < Market cap: The fund holds unrealized gains on its BTC position.
  • Flat realized cap with rising price: Fund size is stable but its holdings are appreciating.

Use Cases​

  • Institutional cost basis: What did the fund pay for its BTC on average?
  • Fund profitability: Compare realized cap to current market value of holdings to gauge unrealized P&L.
  • Capital flow magnitude: Tracks USD inflows/outflows in dollar terms, not just BTC terms.
  • WAC vs FIFO comparison: WAC smooths out timing effects, giving a stable long-term cost basis signal.

API Usage​

curl -H "Authorization: Bearer YOUR_API_KEY" \
  "https://api.blocklens.co/v1/etf/ticker?start_date=2024-01-01&end_date=2024-12-31&limit=365"