Analyst: Bitcoin's realized market value hit a record high last week, which may indicate that the market has not yet reached the top of the cycle

04-21

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PANews reported on April 21, CryptoQuant analyst Carmelo Alemán stated that the realized capitalization of Bitcoin on April 14, 2025, reached a historical high of $872,195,501,000. This is a strong signal: more investors are holding their Bitcoin, more funds are flowing into the network; it also indicates increasing confidence in the Bitcoin network and the asset itself, suggesting that Bitcoin may not have reached the top of its market cycle.

Bitcoin's realized market cap represents the total value of all circulating Bitcoin calculated based on the price at their last transfer on the blockchain. In simple terms, it is the sum of all investments in dollars for each Bitcoin at the time of purchase. Technically, Bitcoin's realized market cap is defined as: Realized Market Cap = Σ (Number of Bitcoin in each unspent transaction output (UTXO) × Price when that Bitcoin was last transferred).

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