TRUE Realized Price is more US$ 32,000 than 21.000.

Bitcoin's normally calculated realized price is currently around US$ 21,300. However, its "real" cost price average should be much higher according to a recent Glassnode/ARK-Invest paper: more around US$ 32,000. This leaves much of bitcoiners still underwater at the current price of US$ 27.120.

The Realized Price is normally calculated by taking the realized cap / circulating supply. The circulating supply includes also Satoshi and other seemingly lost coins which were never actually priced but were nevertheless included in the denominator of the circulating supply. This lowers the whole average of "realized price". Those coins therefore must be accounted for by filtering them out. Leaving only the active coins, the research paper comes up with a much higher "realized price" (the real average cost price) of US$ 32,000.

This topic is discussed by nostr:npub1r8l06leee9kjlam0slmky7h8j9zme9ca32erypgqtyu6t2gnhshs3jx5dk in his podcast 510 "Cointime economics with James Check" https://stephanlivera.com/episode/510/