Realized Cap Hits New High as Long-Term Selling Fades — Bitcoin Eyes $110K
Bitcoin’s realized capitalization reached a new high, indicating fresh capital entering the network rather than price-driven trading. Realized cap — valuing coins by their last on-chain movement — climbed as long-term holder (LTH) selling, which peaked in late 2025, ebbed and returned toward accumulation. On-chain metrics show the market absorbed prior distribution without a sustained price crash, weakening the legacy supply overhang that often signals cycle tops. Price action on BTC/USDT perpetuals hovered near $89,000 after failing to secure a clean close above the yearly high (~$98,000). Technical structure suggests that a weekly close above ~$98,000 would reopen the path toward prior cycle highs, with the next major target around $110,000. Current conditions point to a reset/consolidation phase with continued capital inflows and reduced LTH selling, implying recovery attempts rather than confirmed trend continuation. Key keywords: Bitcoin, realized cap, long-term holders, on-chain, $110K, BTC/USDT, yearly high.
Bullish
Rising realized cap alongside reduced long-term holder selling is a constructive on-chain signal: it shows fresh capital entering at higher cost bases while legacy supply becomes inert. Historically, similar patterns (capital inflows + declining LTH distribution) have accompanied consolidation and eventual continuation phases rather than immediate cycle tops. The technical setup supports this view — price is consolidating below the yearly high (~$98k); a decisive weekly close above that level would likely trigger momentum toward prior highs (~$110k). Short-term implications: expect continued range-bound action with upward bias, volatility around key levels ($87–98k) and potential rapid rallies if yearly highs are reclaimed. Traders should watch for volume confirmation and a weekly close > $98k for bullish confirmation; failure to reclaim that zone could prolong consolidation or invite pullbacks to the yearly open area (~$87k). Long-term implications: if realized cap keeps rising while LTH supply stays dormant, structural demand is likely to support higher price discovery over months, reducing the probability of a bearish capitulation scenario.