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Bitcoin’s Realized Cap & UTXO Value Bands: Who’s Driving the Market?
#Bitcoin 's Realized Capitalization is a metric that represents the value of each Bitcoin at the price when it was last moved or transferred. Unlike the traditional market capitalization, which is calculated by multiplying the current price by the total circulating supply, realized cap uses the value at the time of the last transaction for each Bitcoin.
This metric provides insights into the price at which Bitcoin was last moved, reflecting a more accurate “real-world” valuation, considering the activity and movement of Bitcoin.
Ever wondered how capital moves within Bitcoin’s network? Instead of just watching price action, we can analyze Realized Cap by UTXO Value Bands (in USD) to see how different investor groups are accumulating or distributing Bitcoin.
🧐 What Are#UTXO Value Bands (USD)?
Each Bitcoin transaction has a value in USD at the time of transfer. By segmenting transactions into value bands (e.g., $1-$100, $1K-$10K, $1M+), we can track which investor classes are active.
📊 Key Insights From the Chart:
Whale & Institutional #Dominance : Currently, UTXOs in the + $1M value band represent a total of $675 billion allocated into Bitcoin, making up 78% of the network’s realized capitalization. This indicates that a significant portion of Bitcoin’s realized value is concentrated in high-value UTXOs, reflecting the substantial influence of large holders on the market’s realized cap.