Indicator Overview

The Realised Cap indicator computes Bitcoin’s realised capitalisation by valuing each unspent transaction output (UTXO) at the price when it was last moved, applying a 3-day smoothing to create a continuous metric line coloured on a green gradient from dark (low values around $4B) to light (high values up to $1T). This metric aggregates the cost basis of all coins in circulation, providing insight into long-term holder behaviour and network economic value.

How To Use

Sustained rises in realised cap indicate capital inflows from new buyers at higher prices, confirming bullish trends and accumulation phases, while plateaus or declines suggest outflows or dormant coins, often marking cycle bottoms for contrarian entries. Divergences, such as price outpacing realised cap, warn of speculative bubbles and reversal risk, while convergences support sustainable rallies. Traders monitor breaks above prior highs for momentum confirmation or drops below supports for exits, enhancing cycle navigation in Bitcoin markets.