Onchain Highlights
DEFINITION: Realized Price is the Realized Cap divided by the current supply.
Bitcoin’s realized price offers a gauge of market behavior by reflecting the average price at which all bitcoins last moved on-chain. Over the past year, Bitcoin’s realized price has exhibited a steady upward trajectory, currently stabilizing near $30,000.
This trend contrasts with Bitcoin’s spot price, which experienced a sharp rise in early 2024, peaking above $70,000. However, since May 2024, the spot price has seen increased volatility while the realized price has maintained its slow but consistent rise.
The divergence between the realized price and spot price highlights an ongoing market trend where holders continue to accumulate. As the realized price often serves as a support level in previous bear markets, its steady increase suggests a strong underlying demand. This behavior highlights a cautious yet bullish sentiment in the market, where participants may be positioning for a potential sustained rally in the months ahead.
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