Overview

• CryptoQuant’s Ki Young Ju reports a $625 billion rise in Bitcoin’s realized cap over the past 18 months, exceeding the $435 billion added from 2009 to 2024.
• Analysts tie the acceleration to institutional channels such as spot Bitcoin ETFs and corporate treasury allocations that broadened access to the asset.
• Bitcoin Treasuries data shows roughly 3.71 million BTC held across 325 entities, with publicly listed companies comprising the largest share.
• Glassnode’s Accumulation Trend Score sits in a neutral-to-distribution zone across cohorts, indicating holders are taking profits rather than accumulating.
• Technical gauges show the monthly RSI near 70, raising the risk of consolidation as Bitcoin trades around $115,400 after a 3% weekly gain.