Bitcoin (BTC) Realized Market Cap Reaches New ATH of $872B, but On-Chain Metrics Reveal Lack of Enthusiasm

Bitcoin's (BTC) realized market cap reached a new all-time high of $872 billion, but data from Glassnode reflects investors' lack of enthusiasm at BTC's current price levels.

Bitcoin (BTC) investors appear to be lacking enthusiasm at the cryptocurrency’s current price levels despite realized market cap hitting a new all-time high of $872 billion, according to analytics platform Glassnode.

In a recent X post, the analytics platform noted that despite the realized cap milestone, the monthly growth rate of the metric dropped to 0.9% month-over-month by November 12, which implied a risk-off sentiment in the market.

Realized cap measures the total value of all Bitcoin (BTC) at the price they last moved, reflecting the actual capital invested and providing insight into Bitcoin’s economic activity. A slowing growth rate highlights a positive but reduced capital inflow, suggesting fewer new investors or less activity from current holders.

Moreover, Glassnode’s realized profit and loss chart recently exhibited a sharp decline of 40%, which signals high profit-taking or loss realization. The data platform explained, “Investors either used a portion of their crypto gains to diversify into other asset classes or booked part or all of their realized profit in the past 24 hours.”

While new investors remained sidelined, existing investors are adopting a cautious approach due to the short-term holder’s realized price. Data from CryptoQuant suggested that the current short-term realized price is $91,600. With BTC currently consolidating below the threshold, it implies short-term holders are underwater, which can increase selling pressure if they sell to cut their losses.

Similarly, Bitcoin’s short-term holder market value to realized value remained below 1, a level historically associated with buying opportunities and further proof that short-term holders are at a loss.

Coinbase premium spikes as US traders show strengthAfter a period of decline, the Kimchi premium index fell further during the correction, lagging retail engagement among Korea-based traders.

This particular uneven demand is reflected in Bitcoin’s recent price action. The chart shows that Bitcoin’s price has oscillated in a tight range of $85,440-$82,750 since April 11. On the 4-hour chart, BTC has retained support from the 50-day, 100-day, and 200-day moving averages, but on the 1-day chart, these indicators are putting resistance on the bullish structure.