Glassnode: Ordinary investors now hold 114% of unrealized profits

Cryptocurrency analysis company Glassnode stated that Bitcoin's "realized capitalization" has soared to $467.2 billion, only $5 billion short of the peak of $468.3 billion in April 2022. Glassnode explained that "realized capitalization" or "realized cap" measures the total value of all Bitcoins based on the time and price each Bitcoin was last moved, which is different from market value.

James Check, chief analyst at Glassnode, posted that this means the real liquidity-adjusted capital invested, saved and stored in BTC is currently at a new high. Analysts believe that Bitcoin's realized cap is an estimate of the cost basis for ordinary network participants' bitcoins. Therefore, when comparing with bitcoin market value through Market Value to Realised Value (MVRV) ratio, it’s easy to determine whether ordinary bitcoin buyers are profitable or losing money. As of Monday, Glassnode showed that Bitcoin's current MVRV value is 2.14, meaning average investors now have an unrealized profit of 114%, more than double their funds.