Bitcoin’s realized market capitalization has surged to unprecedented levels, indicating a steady influx of new capital into the network rather than mere speculative price movements. Realized capitalization evaluates the worth of coins based on their most recent on-chain transaction, so an upward trend suggests fresh demand entering at elevated cost points.
Simultaneously, blockchain analytics reveal a notable change in the behavior of long-term holders. In late 2025, these holders offloaded a significant portion of their Bitcoin holdings, generating observable selling pressure. Despite this increased supply hitting the market, prices did not experience prolonged declines; instead, the market absorbed these sales and maintained stable price levels.
Bitcoin Long-Term Holder Net Position Change over 30 Days. Source: CryptoQuant / X
After this absorption phase, net position changes among long-term holders have shifted back toward accumulation. This shift implies that older coins are no longer being sold at previous rates. As a result, the typical oversupply seen near cycle peaks has diminished considerably.
The combination of rising realized capitalization alongside decreased selling from long-term holders signals an evolving market structure. Capital continues to flow into Bitcoin while legacy supply remains relatively dormant—a pattern historically observed during consolidation phases following heavy distribution periods rather than at final cycle tops.
This current scenario portrays a market that has processed significant sell-offs and achieved stabilization. With realized cap still climbing and less aggressive distribution by seasoned investors, on-chain metrics suggest we are in a reset phase instead of having reached an end-of-cycle peak.
Bitcoin Trades Below Annual High as Technical Analysis Points Toward $110K Target
Bitcoin remains under critical resistance thresholds as traders eye potential breakout moves targeting $110,000 levels. On the daily BTC/USDT perpetual contract chart, prices hovered around $89,000 after retreating from recent highs while several key yearly benchmarks stayed relevant for short-term support and resistance analysis.
BTC TetherUS Perpetual Contract Daily Chart – Source: TradingView / X
The chart highlights important reference points such as the yearly open near $87,000 and January 2025 lows just above $89,000 which act as foundational support zones in this timeframe. Following rebounds from these areas Bitcoin pushed higher toward its annual peak close to $97,900 but failed to maintain momentum with sustained closes above it—resulting in price consolidating rather than extending gains further upward.
Technical indicators emphasize that closing weekly above approximately $98K would reposition Bitcoin beyond its yearly high mark again—a level historically linked with attempts to retest prior cycle peaks like those seen previously around January 2025 highs near $110K which remain unchallenged so far.
The projected trajectory inferred from chart patterns suggests formation of higher highs following base establishment near year-open values; however prices continue trading well below decisive breakout zones currently meaning recovery efforts remain tentative without confirmed continuation signals yet secured by bulls.
Bitcoin’s realized market capitalization has surged to unprecedented levels, indicating a steady influx of new capital into the network rather than mere speculative price movements. Realized capitalization evaluates the worth of coins based on their most recent on-chain transaction, so an upward trend suggests fresh demand entering at elevated cost points.
Simultaneously, blockchain analytics reveal a notable change in the behavior of long-term holders. In late 2025, these holders offloaded a significant portion of their Bitcoin holdings, generating observable selling pressure. Despite this increased supply hitting the market, prices did not experience prolonged declines; instead, the market absorbed these sales and maintained stable price levels.
Bitcoin Long-Term Holder Net Position Change over 30 Days. Source: CryptoQuant / Xé&;#8203;
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