#加密市场回升 Bitcoin’s market capitalization increased by $4.6 billion as on-chain liquidity rebounded

For the week ending August 30, Bitcoin’s realized capitalization increased by more than $4.6 billion. Meanwhile, Bitcoin’s price also rebounded sharply from approximately $63k at the beginning of August to above $80k.

Key points
During the latest seven-day measurement period, Bitcoin’s realized capitalization increased by more than $4.6 billion.
The 30-day average growth rate is only 0.4%, so the trend of a liquidity shift has not yet been generally confirmed.
Bitcoin fell from a three-month high above $81,200 earlier this week and is currently trading near $78,024.
As of August 25, U.S. spot Bitcoin ETFs had attracted $2.57 billion in inflows over seven consecutive trading days.
Realized capitalization also rises when loss-making investors move tokens into newly created UTXOs with lower costs.
Analyst Darkfost called this increase the strongest short-term realized-capitalization movement since the beginning of the current bear market. However, the analyst warned that the 30-day average growth rate is only 0.4%, meaning the data has not yet confirmed sustained liquidity expansion. Bitcoin’s realized-capitalization surge signals a return of market activityRealized capitalization refers to the price at which each Bitcoin last moved on-chain. This differs from standard market capitalization, which is the value of all circulating Bitcoin calculated at the latest market price. When the price of older coins rises, their transaction price typically increases. Analysts usually interpret this change as capital flowing into the market, because older coins are moving to buyers with greater purchasing power. After a prolonged period of slowing or weak market-capitalization growth, Bitcoin’s realized capitalization recently increased by $4.6 billion.
Darkfost said this reversal indicates that liquidity inflows supported Bitcoin’s recent price increase. Nevertheless, the analyst did not conclude that this move represented a formal shift in the market structure. “This move still requires further confirmation,” Darkfost said, noting that the growth rate over the past 30 days was relatively modest.

Bitcoin’s realized-capitalization surge signals a return of market activity
Realized capitalization refers to the price at which each Bitcoin last moved on-chain. This differs from standard market capitalization, which is the value of all circulating Bitcoin calculated at the latest market price. When the price of older coins rises, their transaction price typically increases. Analysts usually interpret this change as capital flowing into the market, because older coins are moving to buyers with greater purchasing power. After a prolonged period of slowing or weak market-capitalization growth, Bitcoin’s realized capitalization recently increased by $4.6 billion. Darkfost said this reversal indicates that liquidity inflows supported Bitcoin’s recent price increase. Nevertheless, the analyst did not conclude that this move represented a formal shift in the market structure. “This move still requires further confirmation,” Darkfost said, noting that the growth rate over the past 30 days was relatively modest. The $4.6 billion increase does not represent only new capitalRealized-capitalization growth is not a direct measure of the amount of money deposited into cryptocurrency exchanges. It also changes when existing investors transfer tokens or sell tokens at a price different from their previously recorded cost basis. Darkfost noted that some investors who bought Bitcoin at high prices may have been forced to sell during the recent decline. Their selling created new unspent transaction outputs (UTXOs) with lower realized prices. This process may affect the metric but does not represent new capital. Therefore, the rise in realized capitalization supports the liquidity thesis but does not prove that all $4.6 billion came from first-time investors or external buyers. Price action offers some evidence of demand.
According to a report from Galaxy Research, Bitcoin recorded a historic weekly gain of $14,775 during the week ending August 23. This 23.5% increase was Bitcoin’s largest-ever single-week gain in dollar terms, although short liquidations and momentum trading also contributed.

ETF demand supports Bitcoin’s recovery
As of August 25, U.S. spot Bitcoin ETFs had recorded net inflows for seven consecutive trading days. During this period, these funds attracted approximately $2.57 billion, providing an independent measure of demand in the spot market. BlackRock’s IBIT contributed $284.4 million of the $314.3 million recorded on August 25. Because inflows into Bitcoin ETFs supported demand during the price recovery, Bit analysts believe the rally was not driven entirely by leveraged speculation. A weaker dollar and renewed concerns about fiscal policy also boosted Bitcoin’s price. The U.S. Treasury expanded its purchases of long-term bonds, encouraging investors to consider scarce assets under the so-called “debasement trade.” On August 25, Bitcoin briefly broke above $81,200, reaching its highest level since mid-May, before retreating. On August 30, Bitcoin was trading near $78,024, up approximately 0.6% over 24 hours but still below the resistance around $81,000.

Bitcoin’s liquidity rebound still requires confirmation
Darkfost pointed out that the current realized-capitalization pattern resembles the pattern observed during Bitcoin’s previous bear market. However, historical similarities alone cannot establish that Bitcoin has reached the same phase of its market cycle. CryptoQuant CEO Ki Young Ju previously noted that Bitcoin’s realized capitalization had increased by $467 billion over two years, while its price had not risen accordingly. Ju said that as the efficiency of realized-capitalization growth in boosting Bitcoin declines, larger capital inflows may be needed to achieve another parabolic rise. The next confirmation signal will be positive realized-capital growth for several consecutive weeks, rather than a single strong reading. An increase in the 30-day growth rate would provide broader evidence that new cost bases are being established continuously. Traders will also closely monitor U.S. ETF flows and Bitcoin’s attempts to return to the $81,000 region. If realized trading volume contracts again, ETFs see outflows, or price is rejected again at resistance, expectations for a liquidity recovery will weaken. $BTC ‌