Bitcoin Breaks New Record in Realized Cap, Ethereum Follows With Strong Momentum

The crypto market is riding a powerful wave of renewed momentum, and according to a fresh report from analytics firm Glassnode, that strength is reshaping investor behavior and market structure in real time.

Cryptocurrency prices have soared in recent days, pushing Bitcoin to within touching distance of its all-time high and sparking a wave of profit-taking activity, according to blockchain analytics firm Glassnode.

Its latest report, titled "Bitcoin Breaks New Record in Realized Cap as Ethereum Follows with Strong Momentum," highlights the strength of the crypto market and how it's quickly changing investor behavior and market structure.

Bitcoin’s surge to over $107,000 recently—just shy of its December 2024 record of $109,000—saw the network’s Realized Cap cross the $900 billion mark for the first time ever.

This metric reflects the aggregate cost basis of all coins in circulation, and its all-time high underscores the scale of new capital flowing into the ecosystem.

With investor portfolios deep in profit, many participants are shifting toward risk-off strategies. Profit-taking activity has intensified, particularly among short-term holders, who collectively locked in $11.4 billion over the past month—including $747 million in realized profits in a single day.

Meanwhile, Ethereum is staging its own impressive rally. Following the successful deployment of its Pectra upgrade on May 7, ETH has logged several statistically significant daily gains. One surge of 21.8% marked its strongest single-day performance since 2021, sparking fresh speculation about a longer-term trend reversal.

According to Glassnode, the $2,400 to $2,900 range is a key resistance band for Ethereum. A clean break and consolidation above this zone could set the stage for a sustained move higher, potentially setting the tone for the rest of the altcoin market.

With both Bitcoin and Ethereum flashing strong fundamentals, the stage appears set for a summer of high-stakes movement—and perhaps new record highs.