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Bitcoin’s realized cap hits a record $900 billion, signaling increased investor profit-taking and renewed market momentum.
Bitcoin is changing quickly as it reaches a new milestone. For the first time, the total value of all bitcoins, measured by the price they last sold for, has gone over $900 billion. This growth shows that investors who have held Bitcoin for a long time and those who have just bought it are starting to take profits. Currently, Bitcoin is trading close to its highest price, around $107,000.
Investor Behavior Shifts as Market Heats Up
Glassnode data shows a big increase in profit-taking. Daily realized gains have reached $747 million, and short-term holders (STHs) have locked in over $11.4 billion in profit in just the past month. This is a 71% rise in profitable supply for STHs, one of the fastest shifts in market sentiment ever seen. The STH MVRV ratio (Market Value to Realized Value) is now at 1.13, meaning most short-term participants are making a profit.
For long-term holders, the MVRV ratio has gone above 3.2, entering the “euphoria zone.” This indicates that many early Bitcoin buyers are holding coins worth more than three times what they originally paid. This often signals a potential local market top, followed by increased volatility.
Altcoins May Follow as Bitcoin Dominance Wavers
Despite Bitcoin’s rise, analysts like Michaël van de Poppe see signs that Bitcoin dominance is weakening. This could mean that investment money may soon move into altcoins. Ethereum is not performing as well, but it is showing its own strength. Its active realized price has now reached $2,900, up from $1,900. If Bitcoin goes into a period of consolidation, this could help ETH and other altcoins increase in value.
