Bitcoin Steadies Above $118K as Realized Market Cap Tops $1 Trillion, Galaxy Confirms Record $9B BTC Transaction
Bitcoin is maintaining strong momentum above the $118,000 level after surpassing a key on-chain milestone: a $1 trillion realized market capitalization — a powerful indicator of long-term investor conviction and network maturity.
BTC was last up 1.45% over 24 hours, bringing its 30-day gains to 10.42% and year-to-date performance to over 26%, according to CoinDesk data. After dipping to around $105,400 earlier in July, Bitcoin surged to a new all-time high of $122,700 before settling into a tightening range just below peak levels.
Glassnode’s latest “Week On-chain” report called July one of the strongest breakout months for Bitcoin in 2025. The firm highlighted a wave of profit-taking from long-term holders and an influx of new buyers that helped push realized capitalization — the aggregate value of all coins at the price they last moved — to over $1 trillion for the first time.
Unlike traditional market cap, which reflects the current spot price, realized cap measures actual invested capital. According to Glassnode, this milestone signals growing market depth and a stronger liquidity base, underlining Bitcoin’s expanding role in the global financial system.
Adding to the week’s bullish sentiment, Galaxy Digital announced the completion of one of the largest bitcoin transactions in crypto history. The firm confirmed it had facilitated an $9+ billion BTC sale — totaling 80,000 BTC — on behalf of an early network participant as part of an estate plan. Galaxy described the deal as “one of the largest notional bitcoin transactions ever recorded.”
Meanwhile, missed opportunities by other institutional holders resurfaced. CNBC revisited Tesla’s Q2 2022 earnings, revealing the automaker had sold about 75% of its bitcoin holdings during that period. Analysts estimate that had Tesla held its position, it would be sitting on over $5 billion in BTC — four times its last reported valuation of $1.25 billion.
Germany’s federal police also came under renewed scrutiny for liquidating nearly 50,000 BTC seized in a piracy case during mid-2024. The government sold the coins for roughly $2.9 billion at an average price of $57,900. Arkham Intelligence later calculated that those holdings would now be worth over $5.24 billion — a $2.35 billion shortfall. Critics argue the move not only reduced potential returns but may have also weighed on short-term BTC price action.
Technical Snapshot:
- During the 23-hour period ending July 26 at 14:00 UTC, BTC climbed over 3%, ranging between $114,937 and $118,237.
- Key support was observed in the $117,140–$117,330 range, while resistance built just below the $118,200 mark.
- BTC closed the session up slightly, rising from $118,095 to $118,183 — with tight consolidation indicating ongoing buying interest near resistance.
As BTC holds steady above key levels, its growing realized cap and support from institutional-scale activity may help set the stage for another move higher in the coming weeks.
