Bitcoin's Realized Cap Resumes Upward Momentum, Up About $31 Billion From Prior Low

TechFlow reports that on Oct. 28, according to analysis by Crypto Mommy, an author on the on-chain data platform CryptoQuant, Bitcoin's realized cap has risen from $1.057 trillion to $1.088 trillion, an increase of about $31 billion, or roughly 2.9%. Over the same period, the BTC price rose from $69,000 to $80,000, up about 16%, with price appreciation significantly outpacing growth in the network's cost basis. This suggests the current rally may be driven more by holders' reluctance to sell than by large new capital inflows.

Realized cap values each bitcoin at the price of its last on-chain transfer, reflecting the network's overall cost basis. The metric declined during the 2022 bear market and turned upward again in 2023, marking the early stage of a new bull market; after peaking in late 2025, it fell for several consecutive months. The analysis cautions that the metric was also rising near the 2025 top, when long-term holders were taking profits and selling to new buyers, so an increase does not guarantee further price gains. Going forward, watch whether the metric can continue to expand and whether the price can sustain gains amid increased capital inflows.

Source: TechFlow