Analyst: Bitcoin achieves historic high in market value last week, indicating that the market has not yet reached the top of the cycle

CryptoQuant analyst Carmelo Alem á n reported that on April 14, 2025, the capitalization of Bitcoin (or Bitcoin realized market value) reached a historic high of $872195501000. This is a strong signal: more investors are holding their Bitcoin, and more funds are flowing into the network; This also indicates that people's confidence in the Bitcoin network and assets themselves is increasing, suggesting that Bitcoin may not have reached the top of the market cycle yet. The realized market value of Bitcoin represents the total value of all circulating bitcoins calculated based on their last price transferred on the blockchain. In short, it is the sum of all investments made at the time of each Bitcoin purchase, measured in US dollars. From a technical perspective, the definition of Bitcoin's realized market value is: realized market value=∑ (the number of bitcoins in each Unspent Transaction Output (UTXO) multiplied by the price of the last transfer of that bitcoin).