Recently, Bitcoin’s **realized market cap** soared to an unprecedented $872 billion, marking a significant milestone for the cryptocurrency. Despite this achievement, analysis indicates a prevailing risk-off sentiment among investors after a decline in monthly growth rate to just 0.9%, suggesting a notable lack of enthusiasm at current BTC price levels.
The concept of realized cap reflects the total value of all Bitcoin at the price they last moved, providing insights into the actual capital invested in the market. Unfortunately, the slowing growth rate signals muted interest from new investors as well as reduced activity from existing holders. Further compounding this cautious atmosphere, data from Glassnode revealed a sharp 40% decline in realized profit and loss, highlighting increased profit-taking activity.
According to recent data from CryptoQuant, the current short-term realized price for Bitcoin stands at around $91,600. As Bitcoin continues to consolidate below this threshold, it’s a stark reminder that many short-term holders find themselves underwater, potentially increasing selling pressure as they look to cut losses. The market value to realized value (MVRV) ratio for these short-term holders remains below 1—levels historically associated with buying opportunities, yet indicating that many are currently at a loss.
In addition to these market indicators, data shows a notable divergence in market sentiment between Bitcoin traders located in the United States and those in Korea. The Coinbase premium, which reflects trading activity in the US, has spiked, suggesting a surge in demand. In contrast, the Kimchi premium in Korea has shrunk, pointing to a decrease in retail engagement among local traders. Such discrepancies have manifested in Bitcoin’s price action, oscillating within a narrow range of $85,440 to $82,750 since mid-April.
As Bitcoin continues to navigate these turbulent waters, traders and investors are left wondering whether the market will stabilize and find new equilibrium. With major resistance indicators on the daily chart, achieving the long-anticipated breakthrough above $90K will be key for future bullish momentum. Until then, the current sentiment remains cautiously optimistic, urging participants to proceed with diligence.
