Bitcoin’s price hovers just above $113,000, with a steady rise in realized cap and significant spending activity driven by coins aged under three months. Despite a recent 7.9% drop in value, profit realization remains positive. Short-term holders are at breakeven levels, while older supply shows minimal signs of distribution. Closing at $113,599 on Aug. 20, Bitcoin has experienced a 3.3% decline over 30 days but still holds a 1.7% gain across 90 days. Notional trading volume has slightly decreased over the past week, indicating a cooling spot turnover. However, on-chain data suggests orderly profit realization rather than panic selling. The realized cap, which measures the total cost basis of all circulating coins, now stands at $1.04 trillion. In the last seven days alone, the realized cap increased by $8.98 billion, aligning closely with net realized profit and loss. Metrics like NRPL indicate a consistent sum of $8.59 billion over seven days and $33.25 billion over 30 days. Adjusted SOPR metrics confirm a pattern of steady profit-taking, with an average of 1.033 over the last seven days. Short-term holder SOPR is around breakeven at 0.995, while long-term holder SOPR stands notably higher at 1.718, reflecting high-profit sales by long-term holders. Most spending activity involves young coins, with over 94% of spent outputs coming from coins younger than three months. This trend suggests that turnover primarily stems from recent, liquid supply rather than dormant coins. CDD data also indicates that older coins are staying inactive despite current profitable conditions. NUPL remains at 0.537, placing the market in the Belief/Denial zone, indicating that a considerable portion of supply is in profit. Correlation analysis shows a strong link between returns and short-term holder SOPR, highlighting the sensitivity of price action to short-term cost bases. In conclusion, the market exhibits a distribution phase without signs of stress. While price performance has cooled and volume slightly decreased, realized cap continues to grow alongside profit-taking trends. The data suggests stability, with recent buyers not showing signs of capitulation. The focus now lies on the short-term holder SOPR to maintain its delicate balance above 1 in the coming days.
Bitcoin Realized Cap Grows Amid Steady Profit-Taking Trends
