Bitcoin builds momentum for a bullish surge
Bitcoin is signaling a potential major price breakout as key on-chain metrics show accelerating investor confidence. The cryptocurrency’s realized cap—a valuation metric based on the last on-chain movement of BTC—has reached an all-time high, nearing $900 billion, according to new data from CryptoQuant.
Realized cap hits record highs amid steady inflows
As of May 7, Bitcoin’s realized cap stood at $891 billion, reflecting consistent capital inflows since late 2023. Unlike traditional market cap, realized cap tracks coins based on their last on-chain movement, offering a clearer view of investor conviction.
CryptoQuant analyst Carmelo Alemán noted that the recent surge signals “a growing conviction in Bitcoin’s long-term potential as a financial asset,” driven by both long-term holders (LTHs) and short-term holders (STHs). He added that this bullish momentum could be laying the groundwork for a significant price move—possibly pushing BTC back toward six-figure territory.
BTC price stability backed by strong market foundation
Despite ongoing profit-taking, the broader bull trend remains intact. Bitcoin has held steady near the $100,000 mark, suggesting market resilience even as investors realize gains averaging $1 billion daily.
According to Glassnode’s “The Week Onchain” report, buyer and seller activity is currently balanced, with demand-side strength absorbing profit-driven sell pressure.
“A surge in profit taking can be observed in recent weeks… This points to a wave of demand which is absorbing the incoming supply,” the report states. Glassnode also highlighted that Bitcoin has remained in a profit-driven accumulation phase since October 2023—another bullish signal.
Outlook: A new Bitcoin bull cycle?
The data suggests Bitcoin may be in the early stages of a new bull cycle, with increasing investment volumes, record-breaking realized cap, and sustained capital inflows indicating growing demand. If current trends persist, Bitcoin could soon confirm a breakout beyond the $100K mark.
