On April 18, COINOTAG reported via Cointelegraph that Bitcoin’s **Realized Cap** has reached an impressive **$872 billion**, setting a remarkable new all-time high. However, data from **Glassnode** reveals a notable decline in investor enthusiasm at this elevated price point. Despite the surge in Realized Cap, the monthly growth rate for this key metric has dwindled to just **0.9%**, signaling a prevailing **”risk-off”** sentiment among market participants.
The **Realized Cap** provides insight into the total value of Bitcoin based on the last transaction price, thus offering a clearer picture of **capital inflows** and **economic activity** within the Bitcoin ecosystem. The deceleration in growth hints at a slowdown in new capital entry, which could suggest either a hesitance among prospective investors or a retreat in engagement from current holders.
Moreover, Glassnode’s **Realized Profit and Loss** analysis shows a striking **40% drop**, pointing to heightened **profit-taking** or **stop-loss** actions among traders. The market value in relation to the realized value for short-term holders has remained below **1**, a critical threshold often indicating potential buying opportunities, further highlighting that many short-term investors remain in a loss position.