Source: Cointelegraph.com NewsKey points:<\/p>\n
Bitcoin\u2019s realized cap is beating records and has almost reached the $900 billion mark.
\nThe market is laying the foundations for a \u201cpotentially significant price breakout,\u201d new analysis says.
\nProfit-taking is not hindering the overall bull market rebound.<\/p>\n
Bitcoin (BTC) is setting new all-time highs in network value as BTC price action eyes a return to six figures.
\nData from onchain analytics platform CryptoQuant confirms new record highs for Bitcoin\u2019s realized cap.<\/p>\n
Bitcoin realized cap reflects \u201cgrowing conviction\u201d Source: Cointelegraph.com NewsKey points: Bitcoin\u2019s realized cap is beating records and has almost reached the $900 billion mark. The market is laying the foundations for a \u201cpotentially significant price breakout,\u201d… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128825"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128825"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128825\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128825"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nBitcoin is worth more than ever in US dollar terms if its market cap is measured by the value at which the extant supply last moved onchain.
\nKnown as realized cap, this figure has seen continued all-time highs since mid-April as BTC\/USD stages a sustained recovery, and as of May 7 stood at $891 billion.
\n\u201cBitcoin has experienced a steady flow of capital inflows in recent weeks, reflecting renewed interest from investors,\u201d CryptoQuant contributor Carmelo Alem\u00e1n summarized in one of its \u201cQuicktake\u201d blog posts on May 7.
\nAlem\u00e1n argued that the realized cap uptrend reflects a long-term market shift across the Bitcoin investor spectrum.
\n\u201cThis new all-time high in Realized Cap not only reflects a surge in invested capital but also a growing conviction in Bitcoin’s long-term potential as a financial asset,\u201d the post concluded.\u00a0
\n\u201cWith sustained accumulation from both LTHs and STHs, the market appears to be building a solid foundation for a potentially significant price breakout. If this trend continues, we could be witnessing the early stages of a new bull cycle for Bitcoin.\u201d
\nBitcoin realized cap. Source: CryptoQuantBTC capital influx ongoing since 2023
\nAs Cointelegraph reported, concerns remain over the fate of the current market rebound.
\nRelated: BTC dominance due \u2018collapse\u2019 at 71%: 5 things to know in Bitcoin this week
\nMisgivings over profit-taking in particular form grounds to suspect that higher prices may not last \u2014 both LTH and STH entities have seized the opportunity to lock in profits, with these averaging $1 billion daily.
\nIn the latest edition of its regular newsletter, \u201cThe Week Onchain,\u201d research firm Glassnode nonetheless argues that buy and sell-side conditions are balanced at around $100,000.
\n\u201cA surge in profit taking can be observed in recent weeks, with the recent rally drawing in over $1B\/day in net capital inflows,\u201d it wrote.\u00a0
\n\u201cThis points to initial indicators of a return of demand-side strength, allowing sellers to lock in profits, and speaking to buyers willing to pick up coins at the current market price. Generally speaking, this points to a wave of demand which is absorbing the incoming supply.\u201d
\nBitcoin net realized profit\/loss (screenshot). Source: GlassnodeGlassnode added that the quest for profits has, in fact, extended for over 18 months.
\n\u201cNotably, the market has sustained a profit-driven regime since October 2023, with capital inflows consistently exceeding outflows. This steady influx of fresh capital serves as an overall constructive signal,\u201d it stated.
\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"