Bitcoin's realized cap hit a record $872 billion, but slowing growth, profit-taking, and underwater short-term holders suggest the market remains risk-off.
Bitcoin’s (BTC) realized market cap reached a new all-time high of $872 billion, but data from Glassnode reflects investors’ lack of enthusiasm at BTC’s current price levels.
In a recent X post, the analytics platform pointed out that despite the realized cap milestone, the monthly growth rate of the metric has dropped to 0.9% month over month, which implied a risk-off sentiment in the market.
Realized cap measures the total value of all Bitcoin at the price they last moved, reflecting the actual capital invested, providing insight into Bitcoin’s economic activity. A slowing growth rate highlights a positive but reduced capital inflow, suggesting fewer new investors or less activity from current holders.
Additionally, Glassnode’s realized profit and loss chart recently exhibited a sharp decline of 40%, which signals high profit-taking or loss realization. The data platform explained,
“This suggests saturation in investor activity and often precedes a consolidation phase as the market searches for a new equilibrium.”
While new investors remained sidelined, existing investors are probably adopting a cautious approach due to the short-term holder’s realized price. Data from CryptoQuant suggested that the current short-term realized price is $91,600. With BTC currently consolidating under the threshold, it implies short-term holders are underwater, which can increase selling pressure if they sell to cut their losses.
Similarly, Bitcoin's short-term holder market value to realized value remained below 1, a level historically associated with buying opportunities and further proof that short-term holders are at a loss.
Data shows a sentiment divergence between Bitcoin traders in the US and Korea. The Coinbase premium, reflecting US trading, recently spiked, signaling strong US demand and potential Bitcoin price gains.
Conversely, the Kimchi premium index fell during the correction, indicating lagging retail engagement among Korea-based traders.
This particular uneven demand is reflected in Bitcoin’s recent price action. The chart shows that Bitcoin’s price has oscillated between a tight range of $85,440-$82,750 since April 11. On the 4-hour chart, BTC has retained support from the 50-day, 100-day, and 200-day moving averages, but on the 1-day chart, these indicators are putting resistance on the bullish structure.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
After bitcoin returns to $90,000, is Christmas or a Christmas crash coming next?
This Thanksgiving, we are grateful for bitcoin returning to $90,000.
Bitcoin security reaches a historic high, but miner revenue drops to a historic low. Where will mining companies find new sources of income?
The current paradox of the Bitcoin network is particularly striking: while the protocol layer has never been more secure due to high hash power, the underlying mining industry is facing pressure from capital liquidation and consolidation.
What are the privacy messaging apps Session and SimpleX donated by Vitalik?
Why did Vitalik take action? From content encryption to metadata privacy.
The covert war escalates: Hyperliquid faces a "kamikaze" attack, but the real battle may have just begun
The attacker incurred a loss of 3 million in a "suicidal" attack, but may have achieved breakeven through external hedging. This appears more like a low-cost "stress test" targeting the protocol's defensive capabilities.
