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ETF Realized Price (Per Fund)

Average BTC acquisition price (cost basis) for a specific ETF fund

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

Overview​

ETF Realized Price (Per Fund) is the average price at which a specific ETF fund acquired its Bitcoin holdings, calculated as the WAC-based realized capitalization divided by current BTC holdings. It represents the fund's effective cost basis per BTC and serves as a critical support/resistance level — when the spot price falls below a fund's realized price, the fund is sitting on unrealized losses.

Formula​

Realized Pricet=Realized CaptBTC Holdingst\text{Realized Price}_{t} = \frac{\text{Realized Cap}_{t}}{\text{BTC Holdings}_{t}}

Where Realized Cap uses the Weighted Average Cost method (see ETF Realized Cap metric for details).

Interpretation​

  • BTC price > Realized Price: The fund holds unrealized profits. Holders are incentivized to stay.
  • BTC price < Realized Price: The fund is "underwater" — acquired BTC at a higher average price than current market. Potential redemption pressure.
  • Rising Realized Price: The fund is buying BTC at increasingly higher prices, pulling the average cost up.
  • Falling Realized Price: The fund is experiencing net outflows (selling higher-cost BTC) or acquired BTC at lower prices in earlier periods.
  • Convergence of multiple fund Realized Prices: All major funds near the same cost basis may indicate a key market support level.

Use Cases​

  • On-chain support/resistance: Plot multiple fund realized prices alongside BTC price to identify institutional cost basis levels.
  • Fund-specific stress testing: Which fund would be most likely to face redemption pressure in a downturn?
  • Comparative cost basis: GBTC's legacy BTC (pre-2024) gives it a very different realized price vs newer funds like IBIT.
  • Market cycle analysis: During bull markets, realized prices trend up as funds accumulate at higher prices; during corrections, they stabilize or fall.

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"