Bitcoin Realized Capitalization Hits Record $1.05T as Price Pulls Back
1 September 2025
Bitcoin’s (BTC) realized capitalization continues to climb to record levels even as the cryptocurrency trades more than 12% below its all-time high, underscoring growing investor conviction and the strengthening economic base of the network.
Glassnode data shows realized cap — which values coins at the price they were last transacted on-chain — has reached $1.05 trillion, up from the $1 trillion milestone first surpassed in July. This expansion comes despite spot BTC slipping from its peak near $124,000.
Unlike market capitalization, which reprices the entire supply at current spot levels, realized cap adjusts only when coins move. This means long-term holdings, dormant addresses, and lost coins act as stabilizers, shielding the measure from steep drawdowns during short-term volatility.
Past cycles tell a different story. During the 2014–15 and 2018 bear markets, realized cap fell as much as 20%, while in 2022 the metric contracted by nearly 18%. In contrast, the current cycle has seen realized cap rise through a double-digit price correction, highlighting the resilience of the capital base underpinning Bitcoin.
Analysts suggest the divergence between price action and realized cap reflects a maturing market, where committed capital and stronger investor conviction are providing greater stability to the network compared with previous downturns.
