Investor Cap Price
Average price paid by investors (excluding miners) per Bitcoin — derived from Investor Cap divided by circulating supply
| Property | Value |
|---|---|
| Category | Valuation Metrics |
| Unit | USD |
| Resolution | 1d |
| Assets | BTC |
| Tier | Basic |
| API Endpoint | GET /v1/holder/valuation |
| Field | investor_cap_price |
Overview
Investor Cap Price represents the average cost basis per Bitcoin for non-miner holders. It divides the total capital invested by market participants (Investor Cap) by the circulating supply to derive a per-coin average purchase price.
This metric serves as a key support/resistance level because it represents the average price at which investors — the marginal buyers and sellers — acquired their coins.
Formula
Where:
- = total BTC in circulation
Interpretation
- Price above Investor Cap Price: Average investor is in profit — bullish regime
- Price below Investor Cap Price: Average investor is at a loss — historically marks bear market bottoms and capitulation
- Acts as a stronger support level than Realized Price because it excludes miner dilution
Use Cases
- Dynamic support/resistance: Price tends to find strong support at Investor Cap Price during corrections
- Bull/bear regime indicator: Sustained trading below Investor Cap Price signals deep bear territory
- Comparison with Realized Price: Investor Cap Price is always higher than Realized Price (since Thermo Cap reduces the numerator but not the denominator proportionally)
- Entry signal: Historically, buying near Investor Cap Price has offered favorable risk/reward
API Usage
curl -H "Authorization: Bearer YOUR_API_KEY" \
"https://api.blocklens.co/v1/holder/valuation?start_date=2024-01-01&end_date=2024-12-31&limit=365"
Related Metrics
- Investor Cap — Value paid by investors (excluding miners) for their Bitcoin holdings — the aggregate cost basis of all non-miner participants in the network
- Realized Price — Realized Cap / Circulating Supply
- Thermo Cap — Cumulative miner revenue at time of issuance — measures the total cost basis of all mined Bitcoin valued at the price on their creation date
- MVRV — Ratio of market value to realized value across all holders