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According to CryptoQuant’s co-founder and chief executive Ki Young Ju, Bitcoin still has a considerable distance to cover before it reaches its cycle peak. His assessment comes from looking at a specific Bitcoin metric that suggests a significant portion of Bitcoin’s market is in a holding pattern.
Ki Young Ju highlights that 63% of Bitcoin’s realized cap hasn’t changed hands in over six months. The realized cap, an advanced metric, adjusts Bitcoin’s market capitalization by excluding coins that are presumably lost or unspent, offering a more accurate view of the market’s value.
Looking back at past cycles, the CEO compared current figures with those from peak periods in 2021, 2018, and 2014, where the realized cap movement was much lower, at 15%, 5%, and 5% respectively. This difference indicates that Bitcoin’s market dynamics are currently distinct from those peak periods.
Another point of interest is Bitcoin’s hash rate, which now stands at three times what it was at a similar price point in 2021. The hash rate, a measure of the network’s computational power and thus its security and strength, underscores the network’s growth and resilience.
Furthermore, Ki Young Ju noted a significant transfer of 18,000 BTC from Coinbase to what are believed to be custodial wallets, indicating a move towards holding rather than trading or selling.
As of the latest update, Bitcoin’s price was $51,650, according to CoinMarketCap data.