Realized profit represents the cumulative profit of all Bitcoins moved on-chain, calculated as the difference between the acquisition and movement prices. It’s a direct measure of the profitability for Bitcoin holders, indicating when investors are likely to sell and take profits.
On the other hand, the realized cap offers a more accurate representation of the market’s valuation than the traditional market cap. It calculates Bitcoin’s capitalization by valuing each unit at the price when it was last moved rather than the current price. This metric shows the market’s aggregate cost basis, revealing the average acquisition price of all Bitcoins.
These metrics are critical for understanding the depth of market activity, investor sentiment, and the true economic weight behind price movements.
Graph showing Bitcoin’s realized profit (green), realized cap (orange), and market cap (blue) from Jan. 1 to Mar. 18, 2024 (Source: Glassnode)
Since the beginning of the year, Bitcoin’s re
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