Bitcoins Record Realized Capitalization: A Signal of the Next Bull Run?

On May 8, the realized market capitalization of Bitcoin soared to an unprecedented $890.74 billion, indicating the potential for a significant price surge. This insight was reported by [CryptoQuant](https://cryptoquant.com/insights/quicktake/681b522b1582db5a08e1048c-Bitcoin-Breaks-Again-Realized-Cap-All-Time-High-for-the-Third-Consecutive-Week).

Experts noted that this scenario is plausible with continued investment growth in the leading cryptocurrency.

This metric reflects the cumulative dollar value of all circulating coins based on their last transfer prices.

*“The record-high realized capitalization signals not only a sharp rise in investments but also a growing confidence in the long-term potential of digital gold as a financial asset. If this trend persists, we may be witnessing the early stages of a new bull run,”* the report stated.

Analysis of this indicator allowed experts to estimate the proportion of «new» Bitcoin whales (active addresses over the last 155 days) at 52.4% of the total supply held by large players. In comparison, this figure was below 20% in mid-2024. The average purchase price for coins acquired by this group of investors stood at $91,922.

A drop below this benchmark could trigger mass sell-offs, while maintaining levels above it would increase the likelihood of a continued rally.

CryptoQuant also highlighted a retreat of “bears” in the Bitcoin futures market, raising the chances of the price reaching $100,000.

Analyst Ali Martinez identified a resistance level at $101,673 and a support level at $94,719, based on accumulated coin volumes.

In [Glassnode](https://insights.glassnode.com/the-week-onchain-week-18-2025/), attention was drawn to the rise in cryptocurrency realized capitalization and the increasing eagerness among certain holders to lock in profits.

The recent rally resulted in a net inflow of over $1 billion per day. This influx of demand was sufficient to absorb the incoming supply.

According to specialists, since October 2023, the market has been in a profit-taking mode, with capital inflows consistently outweighing outflows, which signals a generally constructive outlook.

Since the second half of April, when the price dropped to $74,000, the number of «losing» coins decreased from 5 million BTC to 1.9 million BTC.

Analysts emphasized that the response of holders of these bitcoins regarding profit realization will be a crucial factor. It is estimated that 83% of the mentioned quantity belongs to speculators.

The relative size of «losses» in this category is far from the extreme values of two standard deviations observed in August 2024 and March-April 2025.

Additionally, analysts noted a revival of active inflows into Bitcoin spot ETFs, leading to an increase in the assets under management (AUM) of these products to over 1.171 million BTC, nearing the historical peak of 1.182 million BTC.

Experts cautioned about the risks of sudden price fluctuations due to compressed expected volatility metrics over the next week to four weeks and in the upcoming three to six months. This could indicate that investors may be underestimating the nature of future movements.

In conjunction with surpassing and further consolidating above the «cost basis» for speculators ($93,100) and the 111-day moving average (DMA) at $91,300, this suggests the market is at a critical decision-making juncture, the specialists concluded.

It’s worth noting that digital gold could reach [up to $500,000 or even $1 million](https://forklog.com/news/osnovatel-binance-chanpen-chzhao-sprognoziroval-rost-bitkoina-do-1-mln) during the current cycle, according to Binance founder Changpeng Zhao.

Earlier, Standard Chartered encouraged purchasing the leading cryptocurrency and forecasted its price to rise [to $120,000](https://forklog.com/news/v-standard-chartered-prizvali-k-pokupke-bitkoina) in the fourth quarter.