Bitcoin (BTC) is trading just shy of its all-time high, but the amount of money invested in the asset has already returned to its historic peak, according to on-chain data.

Bitcoin’s “realized capitalization” has surged to $467.2 billion—just $500 million (0.22%) away from its April 2022 high of $468.3 billion, crypto analytics firm Glassnode reported on Twitter.

“Realized capitalization” or “realized cap” measures the total value of all Bitcoin put together based on the time and price at which each individual coin last moved, Glassnode’s website explains. This differs from “market capitalization” or “market cap,” which shows the total value of all Bitcoin based on the asset’s current market price.

“This means the true liquidity-adjusted capital invested, saved, and stored in BTC is now at new highs,” lead Glassnode analyst James Check posted on Twitter on Wednesday.

Analysts consider Bitcoin’s realized cap an estimate of Bitcoin’s cost basis for the average network participant. Therefore, when compared to Bitcoin’s market cap through the market value to realized value (MVRV) ratio, it’s simple to determine whether the avera

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Author: Andrew Throuvalas

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