Glassnode’s model for tracking the “price multiplier” effect for Bitcoin could provide some hints about whether the asset is near the top or not so far.
Bitcoin Is Observing A Multiplier Effect Of 4-5x Right Now
In a new post on X, the lead on-chain analyst at Glassnode, Checkmate, has discussed the “price multiplier” effect of Bitcoin. This effect refers to the fact that the capital that flows into the cryptocurrency is not always (in fact, most of the time) the same as the change reflected in the market cap.
To track the exact ratio between the two, Glassnode has defined the “Realized Capital to Valuation Change Ratio.” This indicator measures how much capital flows into the “Realized Cap” for every unit change in the market cap.
The Realized Cap refers to a capitalization model for Bitcoin that assumes that the real value of each coin in circulation is not the current spot price but the price at the time it was last transferred on the blockchain.
This last transfer
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