Markets
Bitcoin’s realized market capitalization reaches $600 billion
Onchain Highlights
DEFINITION: Realized Cap values different parts of supplies at different prices (instead of using the current daily close). Specifically, it is calculated by evaluating each UTXO based on the price of the last move.
Bitcoin’s realized capitalization has shown a marked increase alongside the asset’s price in 2024. As illustrated in the charts, the realized cap reflects the aggregate value of all BTC at the price at which they were last moved, diverging from traditional market capitalization parameters. This parameter reached approximately $600 billion in June 2024, coinciding with the stabilization of Bitcoin’s price around $63,000.
Cap made: (Source: Glassnode)
Historical data indicates a steady upward trajectory of the realized ceiling, with notable accelerations during significant market rallies. The current surge indicates substantial market activity, with long-term holders transacting and potentially revaluing older UTXOs at higher prices. This trend is in line with the impact of the post-halving period on market forces, often characterized by reduced growth in supply and increased demand.
The growth of the realized limit provides information on market sentiment and investor behavior, highlighting confidence in the preservation of Bitcoin’s value over time. The interaction between the realized limit and price illustrates the maturation of Bitcoin as a digital asset, with growing capital locked in at higher valuations reflecting a robust market structure.
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