On-chain data shows that capital inflows to Bitcoin have slowed from last year's high. Here's what this could mean for the price of BTC.
Bitcoin Realized Cap continues to grow, albeit at a slower rate
According to data from the chain analysis company Glass nodcapital inflows into BTC have been declining recently. The relevance indicator here is the “Realized Cap,” which is a capitalization model for Bitcoin that calculates its total valuation by assuming that the 'true' value of any token in circulation is equal to the price at which it was last made the blockchain.
The last transaction for any token can be considered the last time it changed hands, so the price at that time would indicate its current price. cost basis. Therefore, the Realized Cap gives the total amount of the cost base of the entire supply of BTC in circulation.
This value is nothing, but the total amount of capital that the investors as a whole have used to buy the cryptocurrency. Changes in the indicator, therefore, reflect the capital flowing into or out of the fund.
Below is the chart for Realized Cap shared by the analyst firm, which shows the movement in its daily value, as well as its 30 day percentage change, over the last two years.
As shown in the graph, the Bitcoin Realized Cap saw some significant growth in the last couple of months of 2024, meaning that capital was flowing at a rapid rate into the digital currency.
This is most easily seen through the monthly percentage change, which increased to a very high positive level. These inflows seem to have fueled BTC rally above $100,000.
From the chart, it is evident that after peaking, the 30-day change in the Realized Cap reversed its direction and began to decline sharply instead. This decline in the metric has continued until 2025.
Despite the drawdown, however, its value is still very positive, suggesting that the Realized Cap continues to grow at a certain level. A similar trend was seen back in the first months of 2024, where a high level of capital inflow was followed by a cooling, which led to a long consolidation period for Bitcoin.
To date, capital continues to flow into BTC at a rate of $38.6 billion per month, which is significantly higher than the lowest levels seen at the level of last year. It is now to be seen if the inflows will decrease in the coming days, or if there will be a reversal, which could be a sign of support for the fund.
After the latest series of inflows, the Bitcoin Realized Cap has reached the mark of $832 billion, which is a new all-time high.
BTC price
Bitcoin has been struggling to pick a direction in recent days as its price continues to trade around the $104,000 level.
