Analyst: Bitcoin's realized market value hit a record high last week, which may indicate that the market has not yet reached the top of the cycle

PANews reported on April 21 that CryptoQuant analyst Carmelo Alemán wrote that Bitcoin's realized capitalization (or Bitcoin's realized market value) hit a record high of $872,195,501,000 on April 14, 2025. This is a strong signal: more investors are holding their Bitcoins and more funds are flowing into the network; it also shows that people's confidence in the Bitcoin network and the asset itself is increasing, suggesting that Bitcoin may not have reached the top of the market cycle yet.

Bitcoin realized market capitalization represents the total value of all circulating Bitcoins based on the price at which they were last transferred on the blockchain. In short, it is the sum of all investments made when each Bitcoin was purchased, measured in US dollars. From a technical perspective, Bitcoin realized market capitalization is defined as: realized market capitalization = Σ(the number of Bitcoins in each unspent transaction output (UTXO) × the price at which the Bitcoin was last transferred).