Bitcoin Holders Up 93% Amid Rising Realized Capitalization and Hashrate

Bitcoin's current state shows:

A rare combination of substantial profits across cohorts, rising realized capitalization, and record network hashrate.
The average cost basis for Bitcoin wallets is $55.9K, with holders up ~93% on average.
Realized capitalization increased by approximately $8 billion this week, indicating strong on-chain inflows.

Despite these positive indicators, the price hasn't surged due to selling pressure rather than weak demand. New inflows are primarily from ETFs and Bitcoin treasury companies, while traders and miners experience significant gains.

ETFs/Custodial Wallets: $112K (-1%)
Binance Traders: $56K (+96%)
Miners: $56K (+96%)
Long-term Whales: $43K (+155%)

The market lacks the typical euphoria seen in late-stage bull runs, as large-holder unrealized profits aren't at extreme levels. The market cap to realized cap gap remains moderate.

Perpetual leverage remains high, but fewer whales are opening new long positions with BTC collateral. This can suppress price trends due to reduced bid intensity.

Bitcoin hashrate continues to reach new highs (~5.96M ASICs online).
Public miners are expanding, signaling confidence in long-term economics.

The demand side, driven by ETFs and corporate strategies, has slowed. Recovery in these areas could boost market momentum.

Short-term whales (mostly ETFs) are near break-even.
Long-term whales are up ~53%.

The market may be moving away from traditional four-year cycles, with liquidity entering unpredictably.

In summary, Bitcoin fundamentals remain strong, but microstructure shows caution due to high leverage and concentrated demand channels that need renewed activity to drive price increases.

Current BTC price: $107,609.