Bitcoin’s (BTC) Realized activation, an on-chain metric that measures the value of coins at the price they last traded has continued to increase, even as the spot price falls, is to signal investor overcome to the network and an indication that the economic backbone of the largest cryptocurrency is strengthened.
After first crossing $ 1 trillion in July, Glassnode data shows that Realized Cap is now on a record $ 1.05 trillion, despite the spot price sliding about 12% from its highest top near $ 124,000. While the market value decreases when the spot price falls because it prices each coin at the current level, only the Cap is adjusted when the coins are used and repeated on-chain.
During the realized CAP model, sleeping holdings, long-term holders and lost coins act as stabilizers, which prevents large features even when short-term price action becomes negative. The result is a measure that better reflects true investor overrun and the depth of capital obliged to blockchain.
In previous bikes, Realized Cap Led very steeper return. During the bear markets in 2014-15 and 2018, it fell by as much as 20%, as prolonged capitulation forced large amounts of coins to be repeated lower. Even in 2022, the metric experienced a step -down near 18%, according to Glassnode data.
This time, on the other hand, realized CAP wins despite a double -digit price correction. This highlights how the current market absorbs volatility with a far more elastic underlying base.
