Bitcoin's Realized Market Cap Hits $872 Billion, Growth Slows to 0.9%

Bitcoin’s (BTC) realized market cap reached a new all-time high of $872 billion, but the market sentiment remains cautious. The monthly growth rate of the realized cap has dropped to 0.9% month over month, indicating a risk-off sentiment. This metric measures the total value of all Bitcoin at the price they last moved, reflecting the actual capital invested and providing insight into Bitcoin’s economic activity. A slowing growth rate suggests fewer new investors or less activity from current holders.

Additionally, the realized profit and loss chart exhibited a sharp decline of 40%, signaling high profit-taking or loss realization. This suggests saturation in investor activity and often precedes a consolidation phase as the market searches for a new equilibrium. While new investors remained sidelined, existing investors are probably adopting a cautious approach due to the short-term holder’s realized price. Data suggested that the current short-term realized price is $91,600. With BTC currently consolidating under the threshold, it implies short-term holders are underwater, which can increase selling pressure if they sell to cut their losses.

Similarly, Bitcoin's short-term holder market value to realized value remained below 1, a level historically associated with buying opportunities and further proof that short-term holders are at a loss. This cautious approach is typical during periods of uncertainty, as investors wait for clearer signals before making significant moves. The $90,000 level is seen as a key indicator; once it is firmly established as a support level, it could provide the confidence needed for a more robust bullish trend to emerge. Until then, the market is likely to remain in a state of cautious observation, with buyers nibbling at the lower price points but holding back from more substantial investments.

Data shows a sentiment divergence between Bitcoin traders in the US and Korea. The Coinbase premium, reflecting US trading, recently spiked, signaling strong US demand and potential Bitcoin price gains. Conversely, the Kimchi premium index fell during the correction, indicating lagging retail engagement among Korea-based traders. This particular uneven demand is reflected in Bitcoin’s recent price action. The chart shows that Bitcoin’s price has oscillated between a tight range of $85,440-$82,750 since April 11. On the 4-hour chart, BTC has retained support from the 50-day, 100-day, and 200-day moving averages, but on the 1-day chart, these indicators are putting resistance on the bullish structure.