Bitcoin Sets New Realized Cap Record as Traders Gear Up

• Bitcoin’s realized capitalization hit an all-time high, reflecting growing confidence from both institutional and retail participants.
• Rising options volume signals traders are preparing for potential short-term volatility in Bitcoin markets.

Bitcoin’s Realized Capitalization has set a new record. At the end of April, its value reached $882.228 billion. This figure is not the result of multiplying the market price by the number of coins in circulation like traditional market cap, but rather the accumulated value of each BTC unit based on the last price when the coin was moved on the blockchain. In a way, this is a way to see how much real value is really “invested” by Bitcoin holders.

Just imagine if you bought Bitcoin two years ago for $30,000, then never touched it again until now. Well, this method will record the price of $30,000 as your investment value, not today’s market price. So, this data indirectly filters out the “noise” of coins that may be lost, or stored for years without movement.

Signal of Massive Accumulation, But Bitcoin Price Has Not Exploded

According to on-chain analyst Carmelo Aleman, the soaring realized cap this time reflects one thing that is quite clear: large capital is entering Bitcoin again. Both institutions and retail investors are starting to be aggressive again, indicating a return to confidence.

However, although the price has been moving up slowly since April 9, there has been no rapid surge as is usually the case in Bitcoin’s major bullish phase.

On the other hand, Aleman said that accumulation like this, in Bitcoin’s history, is often followed by a very aggressive price increase in a short period of time. So, if the accumulation continues in the next few weeks, it is not impossible that we will see BTC break its all-time high price record.

Furthermore, CNF also highlighted an interesting statement from Arthur Hayes, one of the founders of BitMEX. At the Token2049 event in Dubai, Hayes predicted that the price of BTC could reach $1 million by 2028. He believes that the surge in US dollar liquidity will be the main trigger for this rally.

Does this look too optimistic? It could be. But if we remember the previous rally which started from only $3,000, it seems that nothing is too impossible for this major coin.

Derivatives Are Getting Crowded, the Market Is Getting Hotter

Not only from the on-chain side, derivative market data also heats up the atmosphere. CoinGlass showed that BTC trading volume surged 11.80% in the past 24 hours, hitting $87.74 billion. Amid this surge, Open Interest actually fell slightly by 0.64% to $62.36 billion—possibly because some market participants began closing positions while waiting for the next price direction.

Interestingly, options volume also rose by 9.35% to $2.48 billion. This could be a sign that more traders are starting to take precautions or even speculate on major volatility in the near future. Moreover, Open Interest for options also rose by 1.88% to $31.30 billion—meaning that new positions are starting to be opened.

Looking at this data, a pattern is starting to emerge: Bitcoin is not only experiencing a surge on paper, but it is also becoming a magnet for liquidity from various directions.

Meanwhile, BTC is swapped hands at about $94,890.50, up 2.62% over the last 7 days and driving its market cap to surpass the $1.85 trillion mark.

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