Bitcoin’s Realized Market Cap Reaches All-Time High Amid Ongoing Accumulation

Bitcoin is currently hovering just below the $100,000 mark, maintaining a stable trend in recent weeks. As of the latest data, it is priced at $97,005, which represents a slight increase of 2.6% over the last week and a 3.3% gain in the past 24 hours.

Although the market remains relatively stable, recent data indicates a noticeable uptick in investor engagement, suggesting potential upcoming price movements.

Investor Confidence in Bitcoin Shown Through On-Chain Data

An analyst from CryptoQuant, Carmelo Alemán, has pointed out a persistent trend indicating growing investor interest. In a recent update, Alemán remarked that Bitcoin’s Realized Cap, reflecting the total value of coins based on their last transfer, has achieved a record high for the third week in a row.

This metric, derived by multiplying each unspent transaction output (UTXO) by its acquisition price, climbed to $890.7 billion, showcasing rising capital flow into Bitcoin.

Alemán mentions that this ongoing increase in Bitcoin’s Realized Cap shows a trend of accumulation among both long-term and short-term investors.

The heightened investment in BTC over recent weeks implies that participants are gearing up for a possible price surge. This influx of capital may establish a foundation for a robust bullish phase if the current investment pace continues.

Both Long-Term Holders (LTHs) and Short-Term Holders (STHs) seem to be augmenting their positions during this period of consolidation. Alemán highlighted that the expanding Realized Cap is not just a reflection of pricing but also indicative of market confidence.

This metric suggests a growing conviction in Bitcoin’s long-term value, especially when viewed alongside consistent accumulation trends. If historical behaviors are an indication, the market could be on the verge of establishing a new upward trend.

Coinbase Premium Gap Indicates Localized Selling Pressure

Despite the positive on-chain signals, other metrics warrant a cautious approach. Another analyst from CryptoQuant, Abramchart, recently pointed out the Coinbase Premium Gap as an indicator of regional bearish sentiment.

At the time of reporting, the gap stood at -5.07, indicating that Bitcoin is valued lower on Coinbase—an exchange primarily used by US investors—compared to global exchanges. This negative gap often signals selling pressure from American traders.

Abramchart observed that, while the premium had previously shown signs of recovery, the latest decline correlates with Bitcoin’s inability to surpass the $97,000 threshold.

Persistent negative values in the premium gap usually suggest weak demand within the US market, potentially hindering upward momentum. If this gap continues to decline, it may reinforce the current price stagnation despite ongoing accumulation trends.