Bitcoin’s realized cap has hit $1 trillion for the first time, indicating a strong belief among long-term investors. Unlike market cap, realized cap measures value based on the last price at which each coin changed hands. This indicates that an amount of real capital has flowed into and remained within the Bitcoin network.
According to data from CryptoQuant, this rise shows true investor activity rather than speculative trading. At the same time, Bitcoin’s price surged above $118,000—nearly 500% spike from 2022 lows.
Bitcoin has been on a steady path of recovery from early 2023 through July 2025. After hitting a low of $16,000 in late 2022, BTC rose to $30,000 by the middle of 2023. Then, in 2024, a sharp rally took place, driving the price up to an impressive $70,000.
By May 2025, Bitcoin reached $118,600. At the same time, the realized market cap saw a gradual increase, climbing from $400 billion in 2022 to $950 billion by early 2025. This steady growth suggests that investors have been quietly accumulating Bitcoin, regardless of the market’s ups and downs.
Woominkyu of CryptoQuant is warning about some short-term risks to Bitcoin. The 90-day SOPR value is now climbing toward 1.02, which has generally been considered the time of profit-taking.
Historically, there have been about 10–20% percentage pullbacks every time the SOPR has risen to this level.
In April 2024, BTC experienced an 18% drop just two weeks after reaching this SOPR band. Then in March 2025, there was a similar trend with a 12% decline. Right now, the SOPR is at 1.018 and is still on the rise.
Despite near-term volatility, Spot ETF demand is strong, and exchange balances keep shrinking. Galaxy Digital and institutional buyers continue to accumulate BTC. Hence, traders expect any sharp dip to be temporary. Most see it as a chance to reload before the next leg up.