{"id":23784,"date":"2025-05-08T15:46:39","date_gmt":"2025-05-08T12:46:39","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoins-realised-capitalisation-hits-a-record-high-a-sign-of-a-new-bull-run\/"},"modified":"2025-05-08T15:46:39","modified_gmt":"2025-05-08T12:46:39","slug":"bitcoins-realised-capitalisation-hits-a-record-high-a-sign-of-a-new-bull-run","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoins-realised-capitalisation-hits-a-record-high-a-sign-of-a-new-bull-run\/","title":{"rendered":"Bitcoin\u2019s realised capitalisation hits a record high \u2014 a sign of a new bull run?"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>The average purchase price for \u201cnew whales\u201d was $91,922; they now control 52.4% of coins held by large holders.<\/li>\n<li>Bitcoin held in spot ETFs is nearing the record 1.182m BTC.<\/li>\n<li>Falling implied volatility has set the stage for abrupt price moves.<\/li>\n<\/ul>\n<\/div>\n<p>On 8 May Bitcoin\u2019s realised capitalisation reached a record $890.74bn \u2014 a potential sign that the price is primed for a significant rise. That is the conclusion at<a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/681b522b1582db5a08e1048c-Bitcoin-Breaks-Again-Realized-Cap-All-Time-High-for-the-Third-Consecutive-Week\"> CryptoQuant<\/a>.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1548.webp\" alt=\"1-1548\" class=\"wp-image-258283\"\/><figcaption class=\"wp-element-caption\">Data: CryptoQuant.<\/figcaption><\/figure>\n<p>Specialists said this scenario is likely if investment into the leading cryptocurrency continues to grow.<\/p>\n<p>The metric is the aggregate USD value of all circulating coins based on the prices at which they last changed hands.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe record-high level of realised capitalisation reflects not only a sharp rise in investment, but also a strengthening conviction in the long-term potential of digital gold as a financial asset. If the trend continues, we may witness the early stages of a new bull run,\u201d<\/em> the report says.<\/p>\n<\/blockquote>\n<p>Analysing the indicator, experts estimated the share of \u201cnew\u201d Bitcoin whales (addresses active in the past 155 days) at 52.4% of the combined holdings of large players. By comparison, in mid-2024 it did not exceed 20%. The average purchase price for this cohort was $91,922.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">New Bitcoin whales hold 52.4% of BTC whale capital, surpassing long-term holders for the first time ??<a href=\"https:\/\/twitter.com\/cryptoquant_com?ref_src=twsrc%5Etfw\">@cryptoquant_com<\/a> data shows most big buyers paid $92K.<\/p>\n<p>If prices drop, will they hold or sell? ?<\/p>\n<p>Report by <a href=\"https:\/\/twitter.com\/AnolShaeed?ref_src=twsrc%5Etfw\">@AnolShaeed<\/a> <a href=\"https:\/\/t.co\/9xhZZoNOFr\">https:\/\/t.co\/9xhZZoNOFr<\/a><\/p>\n<p>\u2014 BeInCrypto (@beincrypto) <a href=\"https:\/\/twitter.com\/beincrypto\/status\/1920194890220089427?ref_src=twsrc%5Etfw\">May 7, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A drop below that mark could set off widespread selling; holding above it would raise the odds of the rally continuing.<\/p>\n<h2 class=\"wp-block-heading\">$100,000 and beyond?<\/h2>\n<p>Separately, CryptoQuant pointed to bears retreating from the bitcoin futures market, with odds of a move to $100,000.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Bullish pressure continues on the futures, it has decreased slightly compared to May 6 and 7, but it&#8217;s not so important now \u2014 the bears have already surrendered. Next stop $100K. <a href=\"https:\/\/t.co\/NujBp1gtic\">pic.twitter.com\/NujBp1gtic<\/a><\/p>\n<p>\u2014 Axel ?? Adler Jr (@AxelAdlerJr) <a href=\"https:\/\/twitter.com\/AxelAdlerJr\/status\/1920375488150655361?ref_src=twsrc%5Etfw\">May 8, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Analyst Ali Martinez cited resistance at $101,673 and support at $94,719, based on the volume of coins accumulated.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> has established a strong support floor at $94,719, where 195,320 <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> were accumulated. On the upside, a key resistance wall stands at $101,673, with 81,910 <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> accumulated at that level. <a href=\"https:\/\/t.co\/PRFCKAeDFY\">pic.twitter.com\/PRFCKAeDFY<\/a><\/p>\n<p>\u2014 Ali (@ali_charts) <a href=\"https:\/\/twitter.com\/ali_charts\/status\/1920414739714265187?ref_src=twsrc%5Etfw\">May 8, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 class=\"wp-block-heading\">Glassnode\u2019s view<\/h2>\n<p>At<a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-18-2025\/\"> Glassnode<\/a> analysts highlighted the rise in realised capitalisation across cryptocurrencies and an increased willingness among some holders to lock in profits.<\/p>\n<p>The recent rally led to net inflows of more than $1bn a day. In other words, demand has been strong enough to absorb incoming supply.<\/p>\n<p>Since October 2023, the market has operated in a profit-taking regime in which capital inflows consistently exceed outflows \u2014 an overall constructive signal.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-1095-1024x576.png\" alt=\"2-1095\" class=\"wp-image-258288\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-1095-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/2-1095-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/2-1095-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/2-1095-1536x864.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/2-1095.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>Since mid-April, when the price dipped toward $74,000, the number of coins \u201cin loss\u201d has fallen from 5m BTC to 1.9m BTC.<\/p>\n<p>Analysts stressed that how these holders realise profits will be pivotal. By their estimate, 83% of that number belongs to speculators.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-610-1024x576.png\" alt=\"3-610\" class=\"wp-image-258289\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-610-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/3-610-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/3-610-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/3-610-1536x864.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/3-610.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>The relative size of \u201closses\u201d in this last category is far from the two-standard-deviation extremes seen in August 2024 and March\u2013April 2025.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-375-1024x576.png\" alt=\"4-375\" class=\"wp-image-258290\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-375-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/4-375-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/4-375-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/4-375-1536x864.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/4-375.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>Analysts also noted the resumption<a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-spot-etf-inflows-surpass-1-5-billion-in-three-days\"> of active inflows<\/a> into spot Bitcoin ETFs. As a result, <span data-descr=\"assets under management\" class=\"old_tooltip\">AUM<\/span> in these products rose to more than 1.171m BTC, close to the all-time high of 1.182m BTC.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-231-1024x576.png\" alt=\"5-231\" class=\"wp-image-258291\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-231-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/5-231-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/5-231-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/5-231-1536x864.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/5-231.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>They warned of the risk of sharp price swings given compressed expected-volatility gauges over both the one-to-four-week horizon and the next three to six months. That may indicate investors are underestimating the shape of the path ahead.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/6-168-1024x576.png\" alt=\"6-168\" class=\"wp-image-258292\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/6-168-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/6-168-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/6-168-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/6-168-1536x864.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/6-168.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>Together with reclaiming and consolidating above the speculators\u2019 \u201ccost basis\u201d ($93,100) and the 111 <span data-descr=\"daily moving average\" class=\"old_tooltip\">DMA<\/span> ($91,300), this suggests the market is at a critical decision point, they concluded.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-107-1024x576.png\" alt=\"7-107\" class=\"wp-image-258293\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-107-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/7-107-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/7-107-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/7-107-1536x864.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/7-107.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>Binance founder Changpeng Zhao has said the price of digital gold could reach<a href=\"https:\/\/u1f987.com\/en\/news\/binance-founder-changpeng-zhao-predicts-bitcoin-surge-to-1-million\"> $500,000 and even $1m<\/a> in the current cycle.<\/p>\n<p>Earlier, Standard Chartered urged investors to buy the leading cryptocurrency and forecast a rise<a href=\"https:\/\/u1f987.com\/en\/news\/standard-chartered-urges-bitcoin-investment\"> to $120,000<\/a> in Q4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The average purchase price for \u201cnew whales\u201d was $91,922; they now control 52.4% of coins held by large holders. Bitcoin held in spot ETFs is nearing the record 1.182m BTC. Falling implied volatility has set the stage for abrupt price moves. On 8 May Bitcoin\u2019s realised capitalisation reached a record $890.74bn \u2014 a potential sign [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1146,1205,1273,1150,1268],"class_list":["post-23784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-market-forecasts","tag-cryptoquant","tag-glassnode","tag-news-plus","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"53","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/23784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=23784"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/23784\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/23783"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=23784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=23784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=23784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}