#BTC Part 2

Cryptocurrency analyst Axel Adler has provided important data on the current market position of Bitcoin. Based on the metric “Bitcoin Distribution by Realized Supply,” Adler assessed how expensive or cheap Bitcoin’s current price level is relative to the average cost of investors.

According to Adler, “Realized Supply” represents the total dollar value of Bitcoins on the network, calculated based on the most recent price movement. The ratio between this metric and the Bitcoin price allows comparison of today’s price with the average cost paid by investors.

This value, defined as “Ratio = Bitcoin Price / Realized Supply,” is similar to the price/earnings (P/E) ratio in stock markets. “The higher the ratio, the more expensive Bitcoin is; the lower it is, the cheaper it can be considered,” Adler said.