One push, then decline, and finally exhaustion. Bitcoin Realized Cap (BTC: Realized Cap) is an on-chain metric used to measure the economic value of the Bitcoin network. Unlike traditional market cap (Market Cap, which multiplies all circulating Bitcoin by the current market price), Realized Cap values each unspent transaction output (UTXO) based on the price at which it was last moved, then sums them up to get the total value. Essentially, it reflects the collective cost basis (average buy-in price) of all Bitcoin holders. The 30-day percentage change in Bitcoin Realized Cap reflects the net change in dollar capital injected into or withdrawn from the Bitcoin network over the past 30 days. Specifically: • Positive growth (indicator rising): Indicates a large amount of low-priced Bitcoin has been moved and revalued at the current higher price, signaling new capital inflows (e.g., new investors buying, long-term holders accumulating). This shows increased market confidence and a rise in holders' average cost basis. • Negative growth (indicator falling): Indicates capital outflows or dominance of low-priced transactions, potentially signaling downward pressure, reduced market interest, or new entrants buying at a loss.