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.
Bitcoin realized cap net position. Source: X.com
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