Bitcoin (BTC) has noticed a new all-time high of $872 billion in market capitalization, but GlassNode data reflects the lack of investor enthusiasm at BTC's current price level.
In a recent X post, the Analytics platform noted that despite the CAP milestones have come to fruition, the metric's monthly growth rate has fallen to 0.9% of the month, implying risk-off sentiment in the market.
The realized CAP measures the total amount of all Bitcoin at the last moved price and provides insight into Bitcoin's economic activity, reflecting the actual capital invested. The decline in growth rate highlights positive but reduced capital inflows, suggesting fewer or fewer new investors from current holders.
Furthermore, GlassNode's realized profit and loss charts recently showed a sharp decline of 40%. This indicates a high profit or realisation of loss. The data platform explained,
“This suggests saturation of investor activity and often precedes the integration phase when markets search for new equilibrium.”
While new investors remained on the sidelines, existing investors are probably taking a cautious approach to the realised prices of short-term holders. Data from Cryptoquant suggests that the current short-term realisation price is $91,600. BTC is currently integrated under the threshold, meaning that short-term holders are underwater.
Similarly, Bitcoin's short-term holder market value remained below 1 from its realised value. This is a level that is historically relevant to further evidence of purchase opportunities and short-term holder losses.
Related: Bitcoin US vs. offshore exchange ratio suggests a high BTC price in 2025.
Bitcoin chops between us and Korean traders
The data shows the differences in sentiment between US and Korean Bitcoin traders. Coinbase Premium, which reflects US trading, has been rising recently, showing strong US demand and potential Bitcoin prices.
Conversely, the Kimchi Premium Index fell during the revision, indicating a delayed involvement of retailers among South Korea-based traders.
This particular uneven demand is reflected in Bitcoin's recent price action. The chart shows that Bitcoin prices have been vibrating in a tough range of $85,440-$82,750 since April 11th. On the 4-hour chart, BTC maintains support from its 50-day, 100-day, and 200-day moving averages, but on the 1-day chart, these indicators resist the bully structure.
Related: Bitcoin Online Chat Turns Bullet As Price Chops at $85,000: santiment
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
