Bitcoin’s Realized Market Capitalization Reaches All-Time High of $906 Billion

Bitcoin has achieved a remarkable new benchmark in its on-chain statistics, with its Realized Capitalization hitting $906.04 billion for the fourth week in a row. This figure represents the total value of all unspent Bitcoin transaction outputs (UTXOs) based on their original purchase price, surpassing prior records while BTC stabilizes around significant support at $103,000.

Analysts indicate that this development might pave the way for an extraordinary bullish movement.

Possibility of a Bullish Breakout?

Since the beginning of its current range-bound phase on May 8, Bitcoin has absorbed an additional $14.4 billion in new investment, marking a 1.61% rise in its Realized Capitalization.

As noted in CryptoQuant’s new analysis, this trend points to a consistent influx of investor funds. The report further suggests that, if Bitcoin can successfully breach the resistance at $104,731, it may aim for a new target at $107,757, potentially leading to unprecedented all-time highs.

Notably, much of this influx is driven by large investors, with the holdings in the 100-1,000 BTC UTXO bracket increasing by 122,540 BTC over the last 10 days, representing a 2.2% rise.

While institutional interest varies, BlackRock stands out as the lone major ETF increasing its Bitcoin holdings during this timeframe, adding 10,302 BTC (1.66%) to total 631,902 BTC, while other funds either decreased their positions or remained stable.

According to CryptoQuant, the increasing Realized Capitalization is a sign of growing market confidence. Should this trend persist, it could bolster further price increases and potentially trigger a historic bullish phase.

Anticipating Bitcoin’s June Surge

A recent market analysis from Matrixport echoed similar sentiments, noting that Bitcoin’s rise has received significant support from several favorable factors. The report indicated that diminishing key downside risks, such as pressures in the US tech sector from Q1 earnings and concerns regarding AI-related capital expenditures, have reopened avenues for asset appreciation. Strong earnings and renewed commitments from major tech players have helped restore investor confidence, positively impacting both equities and cryptocurrencies.

Political dynamics have also influenced market conditions, with initiatives from US President Donald Trump promoting foreign investments and potential benefits from policies like extended tax cuts and deregulation. Matrixport mentioned that it adopted a bullish stance in mid-April, supported by trends indicating a shift towards a positive trajectory. The firm expects an advantageous period for risk assets until July, coinciding with the Q2 earnings season, the end of a 90-day tariff truce, and optimal liquidity conditions.

Another significant factor is the impending $5 billion in payouts to FTX creditors scheduled for late May, which could flow into cryptocurrency markets and enhance momentum in June. Coupled with ongoing ETF inflows and the growth of stablecoins, these elements may help sustain Bitcoin’s upward trajectory.