Long-Term Holders Drive Bitcoin to $1T Realized Market Cap for First Time
Bitcoin has reached a historic milestone, with its realised market capitalisation surpassing $1 trillion for the first time ever. This achievement signals growing conviction from long-term holders, as realized cap reflects the actual price each unit of BTC was last moved—unlike traditional market cap, which simply multiplies the total supply by the current price.
In essence, this metric captures the real money invested and held within the Bitcoin network.
Data from CryptoQuant reveals that this surge reflects genuine investor activity rather than short-term speculative trading. Alongside this development, Bitcoin’s market price has soared past $118,000, marking a nearly 500% recovery from its bear market low of $16,000 in late 2022.
Bitcoin’s comeback has been steadily building since early 2023. By mid-2023, it reached $30,000, followed by an aggressive rally through 2024 that pushed it past $70,000. As of May 2025, Bitcoin crossed the $118,000 mark. Over that same period, its realized cap grew consistently—from $400 billion in 2022 to $950 billion in early 2025—reflecting quiet but persistent accumulation by investors through each market cycle.
However, analysts are signaling potential caution in the short term. CryptoQuant contributor Woominkyu pointed out that the 90-day Spent Output Profit Ratio (SOPR) has climbed to 1.018 and continues trending higher. When SOPR nears 1.02, it typically reflects a market ripe for profit-taking.
Historically, this level has preceded pullbacks of 10–20%. In April 2024, for instance, Bitcoin dipped 18% shortly after reaching a similar SOPR threshold. A 12% correction followed another instance in March 2025.
Still, market sentiment remains largely bullish. Institutional interest continues to grow, with companies like Galaxy Digital leading the charge. Spot Bitcoin ETFs are drawing significant inflows, while exchange reserves continue to shrink—both signals of long-term accumulation. While short-term turbulence is possible, many view any correction as a buying opportunity ahead of the next potential rally.
