Bitcoin's 'realized cap' holds at record high over $1 trillion, casting doubt on four-year cycle
CoinDesk
Bitcoin's realized capitalization remains at a record $1.125 trillion, suggesting a bull market despite recent price drops.Summary
Bitcoin's realized capitalization (realized cap) is holding steady at an all-time high of $1.125 trillion, indicating that BTC is still in a bull market even after a nearly 40% price correction over the last ten weeks. This on-chain metric, which values each coin at its last moved price, shows actual capital inflows and has continued to rise through the correction, unlike the 2022 bear market when it significantly declined. Andre Dragosch, European head of research at Bitwise, suggests that Bitcoin might defy the traditional four-year cycle narrative, anticipating upside surprises in 2026 due to a supportive macro backdrop of resilient global growth and ongoing rate cuts that could weaken the U.S. dollar.
(Source：CoinDesk)