Bitcoin (BTC) Breaks Its All-Time High (ATH) in Realized Capitalization

The latest on-chain data reveals that Bitcoin (BTC) has broken its all-time high (ATH) in realized capitalization for the fourth consecutive week. Simultaneously, both Bitcoin whales and spot exchange-traded funds (ETFs) are steadily increasing their holdings

The latest on-chain data reveals that Bitcoin (BTC) has broken its all-time high (ATH) in realized capitalization for the fourth consecutive week.

This milestone, which occurs as both Bitcoin whales and spot exchange-traded funds (ETFs) are steadily increasing their holdings, underscores the growing investor confidence in the cryptocurrency.

According to a recent CryptoQuant Quicktake post by contributor Carmelo_Aleman, Bitcoin’s realized capitalization has surpassed its previous record, reaching over $906 billion as of May 18.

This key on-chain metric, which is calculated by summing the value of each BTC coin at the price it last moved, has been incrementally rising throughout the year, offering a more accurate reflection of true capital inflow and investor conviction—as opposed to the total market cap, which includes dormant or lost coins.

As Carmelo explains, BTC has been consolidating near the daily resistance level of $104,731 for nearly 10 days. During this phase, the leading cryptocurrency has continued to accumulate capital, possibly gearing up for a significant breakout.

If BTC can breach this resistance, the next major hurdle lies at $107,757. Clearing this level could open the door to a fresh all-time high, supported by several bullish on-chain signals.

“On May 8, when this range-bound phase began, the total value of all UTXOs was $891,642,358, meaning that in just 10 days, new Bitcoin investments have added $14,399,578, reflecting a 1.61% increase in Realized Capitalization.”

According to Bitcoin UTXO Value Bands, the most significant accumulation over the past 10 days has come from wallets holding 100 to 1,000 BTC. These wallets increased their collective holdings from 5.56 million BTC to 5.68 million BTC, representing a 2.20% gain during this period.

Among ETFs, BlackRock’s IBIT spot ETF stands out as the only major fund to increase its BTC exposure. Its holdings rose from 621,600 BTC to 631,902 BTC, a 1.66% increase. In contrast, most other ETFs have either taken profits or held their positions steady.

BTC Heading To $120,000?

As Bitcoin trades just 5.1% below its current ATH, analysts are speculating on potential upside targets for this market cycle. One model, the Wyckoff Accumulation pattern, suggests BTC could top out near $120,000.

This prediction is based on the size of the BTC accumulation cycle, which is said to be nearing its peak after a seven-month span.

Furthermore, nearly 100,000 BTC has been withdrawn from exchanges over the past three weeks—often a sign of long-term accumulation and reduced selling pressure.

At press time, BTC trades at $103,450, down 1.2% in the past 24 hours.