On-chain data shows the Bitcoin Realized Cap has set a new all-time high (ATH) as capital has been flowing into the coin at unprecedented rates.
Bitcoin Realized Cap Recently Crossed The $540 Billion Mark
In its latest weekly report, the on-chain analytics firm Glassnode has discussed the trend that has recently been taking place in the “Realized Cap” of Bitcoin.
The Realized Cap here refers to a capitalization model for the cryptocurrency that calculates the total value of the asset by assuming the value of individual coins in circulation to be the same as the price at which they were last transferred on the blockchain rather than the current spot price.
Considering that the last time a coin was transferred on the blockchain was likely the latest instance of it changing hands (that is, a sale of it took place), the Realized Cap would essentially be taking into account the cost basis of all coins in circulation.
As such, one way to interpret the model is that it tells
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