Realized cap offers a unique perspective on market behavior, representing the flow of capital in and out of Bitcoin (BTC). The realized cap is calculated by applying price stamps to each Bitcoin at the time of its last transaction, offering a more nuanced view of the market value than the traditional market cap.
At the beginning of the year, Bitcoin’s realized cap stood at $380 billion, with its price hovering just under $17,000. By Oct. 13, 2023, the realized cap increased to $396 billion, alongside a price rise to $26,800.
By Nov. 12, BTC had surged to $37,000, and the realized cap reached $407 billion, indicating a significant inflow of capital into Bitcoin.
The shift in realized profits and losses provides insight into market sentiment. While realized profits have been outpacing realized losses since mid-September, it wasn’t until Oct. 26 that the difference between them increased almost fivefold.
The year-to-date high for realized profits was recorded on Nov.5, with Bitcoin ho
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