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Bitcoin: Is this metric enough to assess market sentiment?

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Bitcoin's Realized Cap is an important metric to determine the economic value entering and exiting the market. Here's what it says about the king coin.

based on the price of each of its coins when they last moved. For example, when BTC is spent at a price higher than it was last moved, realized cap increases and vice versa.

Logically, realized cap moves higher during strong bull momentum. This is because long-term holders sell holdings, which were previously accumulated at discounted rates in the bear market, at very high prices. The above graph also captured this behavior. Notice how realized cap dropped lower during the peak of crypto winter in 2022. The subsequent recovery in 2023 represented the ongoing accumulation phase.In the case of Bitcoin, apart from realized profit and losses, the new coins entering circulation through block mining also contributed to the daily realized market cap.

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