The broader cryptocurrency market has been on an upward trajectory over the past few weeks, partly driven by improving global macroeconomic conditions. Recent policy shifts between the United States and China, two of the world’s largest economies, have helped fuel investor sentiment.
Both countries have agreed to temporarily reduce tariffs: the US cut rates from 145% to 30%, while China lowered its own from 125% to 10%, each over 90 days. These decisions have been interpreted by some as a step toward easing global trade tensions, supporting risk-on assets such as Bitcoin.
In response to the broader bullish environment, Bitcoin has seen a steady rise, currently trading at $106,574, up 1.7% in the last 24 hours. The price earlier reached a 24-hour high of $107,844 before retreating slightly.
Despite the pullback, Bitcoin remains just 2% below its all-time high of $109,000, recorded in January 2025. The consistent climb has led analysts and traders to monitor on-chain metrics more closely to gauge market behavior and possible future movements.
A recent analysis from CryptoQuant contributor Carmelo Alemán has brought attention to Bitcoin’s realized capitalization, a metric that measures the total value of Bitcoin based on the price at which each coin last moved on-chain.
According to Alemán, the realized cap jumped by more than $3 billion in a single day, marking a 0.33% increase in the total capital invested in Bitcoin. This significant uptick signals renewed capital inflows, and more importantly, it points to a recurring pattern of accumulation and consolidation.
Alemán identified a repeating cycle beginning in April, where Bitcoin has shown sharp price increases followed by sideways movements lasting 8 to 10 days. These lateral phases, supported by rising realized cap, form a staircase-like chart structure with each step building upon the previous one.
From an on-chain perspective, the steady climb in realized cap suggests buyers are entering the market at higher levels, lifting the network’s aggregate cost basis and demonstrating long-term confidence in the asset.
Alemán also highlighted that the behavior of realized capitalization in the current market mirrors patterns seen in previous bull cycles. Historically, spikes in this metric during consolidation phases have preceded large-scale price movements.
The current rise indicates that capital entering the market is doing so with a long-term view, rather than speculative short-term intent. This positions the market for a potential continuation, especially as accumulation appears to intensify around the psychological $106,000–$109,000 range.
The analyst concluded that tracking realized cap in the days ahead will be essential to confirm whether the current phase evolves into another upward price impulse. If the trend persists, it could support another leg higher, reinforcing the view that Bitcoin remains in a broader accumulation structure.
Featured image created with DALL-E, Chart from TradingView
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