Odaily Planet Daily News Data shows that Bitcoin's realized market value (Realized Cap) reached 872 billion US dollars, a record high. But 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%, showing that the market is in a "risk-averse" mood.
Realized market value measures the total value of all Bitcoins calculated 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 slowing growth indicates that capital inflows are still positive, but have 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 is still below 1, a level that has historically been associated with buying opportunities, further proving that short-term holders are at a loss. (Cointelegraph)