Cryptoquant CEO Ki Young Ju says bitcoin's realized capitalization is rising in a pattern seen in earlier bull markets. U.S. spot bitcoin funds took in approximately $1.07 billion over three sessions, a separate sign of renewed demand.
Cryptoquant founder and CEO Ki Young Ju said on Oct. 21 that bitcoin is attracting fresh capital in a pattern associated with a bull market. He posted a realized-capitalization chart on X that compares the metric with bitcoin's price across several market cycles.
Ju's chart turns green again
Ju wrote on X: "Fresh capital is flowing into bitcoin. This only happens in bull markets."
The chart marks rising realized capitalization in green and flat or declining stretches in gray. Earlier green stretches appear around the 2017 rally, the 2020-2021 expansion and the advance into 2025. Its latest segment also turns green.
How realized capitalization works
Realized capitalization estimates bitcoin's aggregate cost basis by valuing each coin at the price when it last moved on the blockchain. Market capitalization, by contrast, values every coin at the current market price.
A rising realized cap is commonly interpreted as fresh investment. However, transfers between a holder's own wallets can also affect the measure.
Spot bitcoin ETFs add $1.07 billion
U.S. spot bitcoin exchange-traded funds attracted approximately $524.8 million on Oct. 21, extending their inflow streak to three sessions. Blackrock's IBIT led the day's additions with $235 million, followed by Fidelity's FBTC with $212.7 million.
Bitcoin was trading near $81,000 on Oct. 22 after retreating from an Oct. 21 intraday high near $84,739.
Approximately $35.5 billion in bitcoin changed hands over the preceding 24 hours.
Source: Bitcoin News
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