Crypto insights firm Glassnode is tracking Bitcoin (BTC) market dynamics as the largest crypto by market cap endures losses this week.
BTC is trading at $59,485.72 at time of writing and is down about 10.5% from its price at the same time seven days ago. Bitcoin hit its all-time high of $69,044.77 last week.
Glassnode examines Bitcoin’s “realized cap,” which values every BTC in the supply at the price it last moved on-chain. If a coin moved at a profit, it increases Bitcoin’s realized cap, and if it moved at a loss, it decreases it.
Bitcoin’s realized cap has reached an all-time high of $450 billion, according to the firm.
Glassnode notes that market spending in relation to Bitcoin’s realized cap is less than where it was at by previous market tops.
“Previous market tops (namely 2017 and 2021) occurred when total value realized by spending exceeded 0.3% of the market cap, and 1.0% of the Realized Cap (often reaching much higher). In the current market, spending accounts for less than 50% of these thresholds.
This provides additional evidence that a healthy bull market demand should be capable of absorbing significantly more coin distribution.”
Read Glassnode’s full Bitcoin market analysis here.
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