- Bitcoin’s realized cap hits record $872B, but monthly growth slows to 0.9%, signaling caution.
- Bitcoin faces investor hesitation as the realized profit and loss ratio drops by 40%, hinting at market fatigue.
- Regional sentiment diverges, with U.S. demand rising while Korea shows weaker retail interest and capital outflows.
Bitcoin’s realized market cap surged to a record $872 billion in April 2025, reflecting high levels of historic accumulation. However, its monthly growth slowed to 0.9%, signaling reduced capital inflows and a cautious investor mood.
Realized Cap Strength Clashes With Market Fatigue
In a post by JinJooWon, Glassnode reported that while Bitcoin’s realized cap reached an all-time high, the growth momentum has stalled. The net increase of just 0.9% monthly marks one of the slowest rates recorded during a price consolidation. This lag indicates investors are reluctant to deploy new capital despite the asset’s elevated valuation.
Realized cap tracks the total value of all Bitcoin based on the price at which each coin last moved on-chain. The chart reveals a clear pattern: green bars represent inflows during bull runs, while red bars reflect outflows or distribution. Since January 2025, red bars have started dominating the chart, revealing subdued risk appetite.
On-Chain Metrics Reflect Short-Term Stress
Glassnode’s latest update shows the realized profit and loss ratio plunged by 40%, implying heightened profit-taking and capital rotation. According to a report by Cointelegraph, this trend often precedes sideways trading or price corrections. It also hints at saturation, where current holders reduce activity and await clearer directional signals.
The short-term holder’s realized price now stands at $91,600, while Bitcoin continues to trade below that level. This puts a sizable portion of recent buyers underwater, increasing the risk of selling pressure. Short-term MVRV has remained under 1.0, historically marking zones of temporary undervaluation and accumulation by experienced investors.
Trading Sentiment Split Between Regions
Regional sentiment signals are diverging sharply between the U.S. and Korean markets. The Coinbase premium spiked last week, pointing to stronger U.S. demand for spot Bitcoin. Meanwhile, Korea’s Kimchi premium declined, highlighting weaker retail activity and possible capital outflows.
Bitcoin continues to range between $85,400 and $82,750, testing major moving averages across timeframes. The 4-hour chart shows support holding, while the 1-day chart reflects persistent resistance. This tension, combined with declining realized cap growth, confirms a cautious environment where market participants are hesitant to commit further capital.
