Odaily News Data shows that Bitcoin's realized market value (Realized Cap) reached 872 billion US dollars, a record high. However, Glassnode data shows that investors are still not enthusiastic about the current Bitcoin price level. It said that despite the record high realized market value, the monthly growth rate of this indicator has dropped to 0.9%, indicating that the market is in a "risk-averse" mood.
The realized market value measures the total value of all bitcoins at the price at which they were last transferred, reflecting the actual scale of capital invested and can be used to observe the economic activity of bitcoin. Its slowdown indicates that the inflow of funds is still positive, but has decreased significantly, suggesting a decline in the number of new investors or a weakening of the activity of existing holders.
In addition, Glassnode's Realized Profit and Loss chart has recently seen a sharp drop of 40%, indicating that there has been a lot of profit-taking or stop-loss behavior in the market. The ratio of market value to actual value of short-term Bitcoin holders remains below 1, a level that has historically been associated with buying opportunities, further proving that short-term holders are in a losing position. (Cointelegraph)