- BTC-USD
+0.99%
On-chain data showed <a href="https://cryptoz7.com/bitcoin-ethereum-or-xrp-which-crypto-is-the-best-to-buy-right-now/” title=”Bitcoin, Ethereum, or XRP: Which Crypto Is the Best to Buy Right Now?”>Bitcoin‘s realized cap increased by more than $4.6 billion over the past week, pointing to improving demand.
Short-term holders were sitting on nearly 15% unrealized profits, with their average cost basis around $70,100.
However, the broader recovery remains early, with the 30-day change in realized cap still around 0.4%.
Bitcoin (BTC) is showing early signs of renewed demand, with on-chain data indicating that capital is beginning to return to the market.
According to on-chain data by Cryptoquant analyst Darkfost, Bitcoin’s realized cap increased by more than $4.6 billion over the past week. This means that the realized cap values Bitcoin based on the price at which each coin last moved. An increase can suggest that coins are changing hands at higher prices and that new demand is entering the market.
Darkfost noted that the move resembles a pattern seen during Bitcoin’s previous bear market, when the realized cap began recovering after a prolonged decline. But the increase should not be viewed as $4.6 billion of direct cash inflows, he cautioned. Part of the rise can also come from coins being sold and repriced as holders take losses, he added.
Short-Term Holders Move Further Into Profit
Separate on-chain data showed that Bitcoin’s short-term holders were sitting at nearly 15% average unrealized profits. Their average cost basis stood near $70,100, putting recent buyers at their highest profit levels since July 2025, according to the data highlighted by Darkfost.
That could become a The on-chain data highlighted by the market analyst paints a mixed picture for Bitcoin. Improving realized cap suggests demand is beginning to recover, while growing profits among recent buyers could encourage some profit-taking
Why This Bitcoin Market Is Different
Earlier in the week, CryptoQuant CEO Ki Young Ju told Coinage that Bitcoin’s latest rally could mark the “start point of the bull run.”
The current Bitcoin market is different from previous cycles as institutional demand is rising and absorbing traditional selling pressure, Young Ju said. In prior cycles, selling from long-term “OG” whales, miners and retail investors has helped sustain a prolonged downturn, but buying from ETFs and corporate demand tied to Michael Saylor is now counteracting those outflows
