Markets
Realized Bitcoin Market Cap Reaches $600 Billion
Onchain Highlights
DEFINITION: The realized cap values different parts of the supplies at different prices (instead of using the current daily close). More precisely, it is calculated by valuing each UTXO by the price during its last move.
Bitcoin’s realized capitalization has shown a marked increase alongside the asset’s price in 2024. As the charts show, the realized cap reflects the aggregate value of all BTC at the price at which they were last moved, s departing from traditional measures of market capitalization. This metric reached around $600 billion in June 2024, coinciding with the Bitcoin price stabilizing at nearly $63,000.
Cap made: (Source: Glassnode)
Historical data indicates a consistent upward trajectory of realized cap, with notable accelerations during significant market rebounds. The current rise indicates substantial activity in the market, with long-term holders transacting and potentially revaluing older UTXOs at higher prices. This trend aligns with the impact of the post-halving period on market forces, often marked by reduced supply growth and increased demand.
Realized cap growth provides insight into market sentiment and investor behavior, highlighting confidence in Bitcoin’s retention of value over time. The interaction between realized cap and price illustrates the maturation of Bitcoin as a digital asset, with increasing capital locked in at higher valuations reflecting a robust market structure.
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