Bitcoin's spot price is currently trading at $89.9K, but the deeper picture emerges when examining multiple on-chain valuation models:

Short-term holder cost basis sits at $98.9K, revealing significant underwater positions among recent buyers. Meanwhile, the active investor mean pegs valuation at $87.7K—very close to current trading levels.

What's particularly interesting is the spread between these metrics. The true market mean ($81.0K) suggests the broader holder base accumulated at lower prices, creating a cushion below current levels. The realized price metric ($56.2K) reflects the average acquisition cost across all BTC ever moved, showing how much the entire on-chain ecosystem remains in profit.

This data structure tells us retail buyers entered higher while long-term holders secured positions much lower. The gap between short-term cost basis and spot price indicates recent volatility likely shook out leveraged positions. Traders watching these levels should pay attention—when spot price approaches realized price territory, it typically signals capitulation phases, while proximity to cost basis levels shows resistance points.

The divergence between these models is exactly what savvy market participants use to gauge where real support and resistance actually live on-chain.