Mike Smith
23 hours ago
The amount of capital invested in Bitcoin at recent transaction prices has reached a new all-time peak of $872 billion. However, the growth rate is slowing, signaling a decline in investor activity despite the continued increase in the overall value.
The realized market cap model essentially revalues BTC based on actual purchase prices — that is, it takes into account the price at which each token last changed hands. This approach allows for a more accurate understanding of how much money has actually been invested in the cryptocurrency, excluding the influence of speculative revaluation.
The metric has been steadily climbing over the past few years, reflecting a steady inflow of capital into the asset. Particularly rapid surges were recorded in the first and fourth quarters of 2024 — periods accompanied by sharp price jumps and general optimism in the market.
However, the current rate of inflow of funds into the network has fallen sharply. In December 2024, the indicator grew at a rate of about 13% per month. Today, the growth is only 0.9% per month - almost 14 times less. This may mean that market participants have become more cautious, and investment enthusiasm has subsided. Glassnode analysts attribute this to an increased desire to reduce risks and a potential transition to the accumulation phase.
Despite the slowdown in growth, the very fact of updating the maximum realized capitalization indicates that participants continue to fix positions at higher prices than before. However, such growth is increasingly accompanied by a decrease in volatility and the absence of a pronounced movement in quotes.
Over the past few days, the value of Bitcoin has remained virtually unchanged and fluctuates around $ 84,700. Technical stagnation and weakening market momentum may become harbingers of a deeper consolidation phase. Investors are expecting a new impetus that can reverse the mood on the market and restore confidence in growth. In the meantime, the behavior of capital speaks of expectation, not action.
