BITCOIN'S 'REALIZED CAP' HOLDS AT RECORD HIGH OVER $1 TRILLION

Summary from the TLDR Crypto newsletter

Bitcoin's realized cap hit a record $1.125 trillion and continued rising through the 36% correction from October's all-time high, valuing each bitcoin at its last-moved price to show actual capital inflows rather than speculative market cap. The metric's resilience contrasts with 2022's bear market, when realized cap fell from $470 billion to $385 billion during capitulation, with a similar pause during April 2025's tariff tantrum preceding new highs. Bitcoin materially underprices the supportive macro backdrop of resilient global growth, ongoing rate cuts, and steepening yield curves that weaken the dollar, casting doubt on the four-year cycle narrative with potential 2026 upside.