The “Realized cap” metric, which experts claim better reflects the total value of Bitcoin, is also on its way to the top.

The “realized price”, which is based on the last moving Bitcoin price at the addresses, surpassed $497.2 billion. The peak was $468.3 billion in April 2022. So this metric is only 0.22% away from the peak.

“It’s the backbone metric of analysis”

James Check, the company’s lead analyst, commented on this on-chain data platform Glassnode. In his analysis on X, he used the following statements:

“The Bitcoin ‘Realized Cap’ hitting ATHs is the one that matters. This means the true liquidity adjusted capital invested, saved, and stored in BTC is now at new highs. You will hear me banging the drum on this metric all cycle. It’s the backbone metric of my Bitcoin analysis.”

The average investor has already doubled their money…

Analysts state that the realized price metric shows the cost base of the average investor. And according to Glassnode, the average Bitcoin investor is currently sitting on 114% unrealized gains. In other words, the average investor has already doubled their money.

“The small investor still hasn’t arrived”

Another on-chain analysis firm IntoTheBlock stated that the small investor in Bitcoin is still not fully in this area and the number of new addresses is still very stable.

At the time of writing, Bitcoin is trading around $62,900.