- Bitcoin’s realized cap hit a record $872B, but 0.9% growth shows investors are hesitant despite recent price volatility.
- Strong accumulation in early and late 2024 contrasts with slower growth in 2025, signaling shifting investor sentiment post-halving.
- Despite Bitcoin falling from $100K to $80K, realized cap keeps rising, revealing long-term confidence amid market turbulence.
Bitcoin’s realized cap has reached a new all-time high of $872 billion according to Glassnode data posted on X by cointelegraph. The monthly growth rate, however, has slowed down to 0.9%, indicating waning risk appetite among investors. This comes after Bitcoin’s price has made huge swings, recently dropping to $80,000 from more than $100,000 in late 2024. Despite the price volatility, realized cap continues to rise. This figure, the sum of all the coins at their latest traded price, shows long-term accumulation is steady.
Investor Sentiment Cools Despite Historic Metrics
Glassnode reveals accumulation patterns from December 2022 to April 2025. Price action during this period jumped from around $16,000 to over $70,000. Two major accumulation phases occurred in February and September–October 2024. These periods saw a sharp rise in realized cap net position change, marked in light green.
However, the latest 0.9% monthly growth is a clear sign of cooling sentiment. Moreover, red arrows in the chart pinpoint phases where investors trimmed holdings. These selling periods occurred despite rising prices, revealing growing caution among market participants.
Realized Cap Remains Strong Through Market Volatility
In November 2024, the price of Bitcoin reached its highest point, momentarily reaching $100,000. It fell to over $80,000 by April 2025. Realized cap, however, continued to grow steadily. In addition, Bitcoin had price increases from October 2023 to April 2024, rising from $40,000 to $70,000. Throughout this increase, accumulation stayed consistent.
Furthermore, the Realized Cap Net Position Change shows percentage shifts ranging from 0% to 16%. During the 2024 surges, accumulation rates reached as high as 14 percent. Therefore, moments of high buying activity by investors positioned for long-term returns are reflected in these spikes.
Accumulation Patterns Shift Around Halving Cycle
The data spans Bitcoin’s fourth halving cycle, a key market event that reshaped accumulation behavior. Investor positioning varied sharply before and after the halving. Consequently, volatility increased post-halving, with sharper price swings emerging in late 2024 and early 2025.
However, through all phases, the realized cap continued rising. This suggests that despite short-term uncertainty, market participants remain confident. Additionally, the widening gap between price and realized cap during fast price moves reinforces this long-term view.
