全体持有者的平均买入成本——拿现价和它一比,就知道大家整体是赚是亏。The average price holders paid for their coins — compare it to today's price to see if the crowd is collectively up or down.
恐惧贪婪指数测的是大家此刻的情绪,容易飘;实现价测的是真金白银付出去的平均成本,是每枚币最后一次链上转手时留下的硬记录。现价比它高,持有者整体浮盈;比它低,整体浮亏。这条线让你看清:今天的价格,相对所有人当初的买入成本,到底是偏便宜还是偏贵。The fear & greed index tracks how people feel right now, which swings around fast. Realized price tracks what holders actually paid — a hard record left on-chain from the last time each coin moved. When price sits above it, holders are collectively in profit; below it, they're underwater. It tells you whether today's price is cheap or expensive relative to what the whole crowd paid to get in.