On April 2, industry analytics provider Glassnode reported that long-term holders have started distributing BTC and selling to new investors at higher prices.
Realized cap is a measure of cumulative USD liquidity ‘stored’ in the asset class.
However, the analysis was made as Bitcoin approached its all-time high for the second time and before markets began to retreat this week. BTC hit a peak price of $73,734 on March 14, pulled back around 17%, and returned to $71,550 on March 28 before resistance proved to be too strong.
It retreated just below $65,000 during the Wednesday morning Asian trading session, dropping to $64,573 before recovering to $66,300 at the time of writing, according to CoinGecko. BTC is currently 10% down from its ATH.
Nevertheless, Glassnode revealed that the realized cap also reached a new all-time high of $540 billion “and is increasing at an unprecedented rate of over $79 billion per month.”
Using the Realized Cap HODL Wave metric, Glassnode analyzed the distribution of USD-denominated wealth held across various age bands.
There has been a sharp increase in coin-ages younger than three months, it noted before adding that “these newer investors now own around 44% of the aggregate network wealth.”
It concluded that there has been a “distinct shift in investor behavior patterns.”
The realized cap is climbing “because old coins are revalued higher, both from GBTC (~30%) and the rest by HODLers selling,” said Glassnode analyst ‘Checkmatey.’
Furthermore, Santiment reported that the belief that Bitcoin is in a bull market may not have “fizzled out significantly,” according to social sentiment.
Total market cap is down 3% on the day to $2.65 trillion, which is around 15% lower than its all-time high, which is still back in November 2021.
Aside from a handful of pumped meme coins, altcoins have yet to move significantly in this market cycle.
Today, they are all in the red again, with Ethereum down 2% at $3,300, XRP losing 2.5% falling to $0.584, and Dogecoin dropping 3% to $0.185.
The post Rising Bitcoin Realized Cap Points to Fresh Capital Inflow, But BTC Dipped Below $65K appeared first on CryptoPotato.
Realized cap is a measure of cumulative USD liquidity ‘stored’ in the asset class.
BTC Correction at 10%
However, the analysis was made as Bitcoin approached its all-time high for the second time and before markets began to retreat this week. BTC hit a peak price of $73,734 on March 14, pulled back around 17%, and returned to $71,550 on March 28 before resistance proved to be too strong.
It retreated just below $65,000 during the Wednesday morning Asian trading session, dropping to $64,573 before recovering to $66,300 at the time of writing, according to CoinGecko. BTC is currently 10% down from its ATH.
Nevertheless, Glassnode revealed that the realized cap also reached a new all-time high of $540 billion “and is increasing at an unprecedented rate of over $79 billion per month.”
Using the Realized Cap HODL Wave metric, Glassnode analyzed the distribution of USD-denominated wealth held across various age bands.
There has been a sharp increase in coin-ages younger than three months, it noted before adding that “these newer investors now own around 44% of the aggregate network wealth.”
It concluded that there has been a “distinct shift in investor behavior patterns.”
The realized cap is climbing “because old coins are revalued higher, both from GBTC (~30%) and the rest by HODLers selling,” said Glassnode analyst ‘Checkmatey.’
There was a time when a chorus of #Bitcoin analysts were banging on about unrealistic 100x multiplier effects per dollar invested.
I proposed it was much closer to 5x, and up to 10x only in low liquidity spikes.
Since Jan 2023, the #Bitcoin market cap is up about $1Trillion…
— _Checkɱate
(@_Checkmatey_) April 2, 2024
Furthermore, Santiment reported that the belief that Bitcoin is in a bull market may not have “fizzled out significantly,” according to social sentiment.
Elsewhere on Crypto Markets
Total market cap is down 3% on the day to $2.65 trillion, which is around 15% lower than its all-time high, which is still back in November 2021.
Aside from a handful of pumped meme coins, altcoins have yet to move significantly in this market cycle.
Today, they are all in the red again, with Ethereum down 2% at $3,300, XRP losing 2.5% falling to $0.584, and Dogecoin dropping 3% to $0.185.
The post Rising Bitcoin Realized Cap Points to Fresh Capital Inflow, But BTC Dipped Below $65K appeared first on CryptoPotato.
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