Bitcoin dip buyers nibble at BTC range lows but are risk off until $90K becomes support

Bitcoin’s (BTC) realized market cap reached a new all-time high of $872 billion, but data from Glassnode reflects investors’ lack of enthusiasm at BTC’s current price levels. In a recent X post, the analytics platform pointed out that despite the realized cap milestone, the monthly growth rate of the metric has dropped to 0.9% month over month, which implied a risk-off sentiment in the market.

Realized cap measures the total value of all Bitcoin at the price they last moved, reflecting the actual capital invested, providing insight into Bitcoin’s economic activity. A slowing growth rate highlights a positive but reduced capital inflow, suggesting fewer new investors or less activity from current holders.

Additionally, Glassnode’s realized profit and loss chart recently exhibited a sharp decline of 40%, which signals high profit-taking or loss realization. The data platform explained, “This suggests saturation in investor activity and often precedes a consolidation phase as the market searches for a new equilibrium.”

While new investors remained sidelined, existing investors are probably adopting a cautious approach due to the short-term holder’s realized price. Data from CryptoQuant suggested that the current short-term realized price is $91,600. With BTC currently consolidating under the threshold, it implies short-term holders are underwater, which can increase selling pressure if they sell to cut their losses. Similarly, Bitcoin's short-term holder market value to realized value remained below 1, a level historically associated with buying opportunities and further proof that short-term holders are at a loss.

Source: CoinTelegraph

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