Bitcoin’s Realized Cap Hits $1.125T Amid Price Drop

Bitcoin's Realized Capitalization Hits $1.125 Trillion Amid Price Drop, Indicating Market Resilience and Potential for Unconventional Growth Cycle

  • Bitcoin’s realized capitalization has reached a new all-time high of $1.125 trillion despite a recent 40% price drop.
  • Realized capitalization measures the value of each bitcoin at the price it last moved, reflecting actual capital inflows rather than speculative market prices.
  • Data shows that during the recent price correction, realized capitalization continued to rise, indicating investor resilience compared to the 2022 bear market.
  • Experts suggest that Bitcoin may not follow the typical four-year cycle and could benefit from global economic growth and monetary policy easing.

Bitcoin’s realized capitalization hit a record $1.125 trillion, signifying that the cryptocurrency remains in a bullish market phase despite a nearly 40% decline in prices over the past ten weeks. This metric values each bitcoin based on the last price at which it moved, offering insights into actual capital inflows instead of speculative price movements.

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According to Glassnode data, realized capitalization rose steadily throughout the 36% price correction from Bitcoin’s October all-time peak, though it has recently leveled off near $1.125 trillion. This pause resembles the one seen during the tariff-related market downturn in April 2025, when Bitcoin prices bottomed around $76,000 before achieving new highs.

In contrast, during the 2022 bear market, realized capitalization dropped from about $470 billion to $385 billion as investors sold coins at lower cost bases amid capitulation—a shift that has not been observed in the current market.

Andre Dragosch, European head of research at Bitwise, expressed the view that Bitcoin may challenge the established four-year cycle and experience unexpected gains in 2026. Dragosch highlighted factors such as resilient global economic growth combined with ongoing interest rate cuts, which tend to steepen the yield curve and increase liquidity, conditions often linked to a weaker U.S. dollar and favorable environment for Bitcoin.

“In my view, bitcoin is materially underpricing the prevailing macro backdrop, to a degree last seen during the Covid recession and the FTX collapse, despite no signs of a U.S. recession and evidence of re-accelerating growth,” Dragosch said, as reported on CoinDesk.

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Bitcoin (BTC) $ 90,106.00 1.94%
Ethereum (ETH) $ 3,132.90 4.85%
XRP (XRP) $ 2.02 7.81%
Bittensor (TAO) $ 248.41 9.26%
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