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Realized Cap

Sum of LTH + STH realized cap

PropertyValue
CategoryValuation Metrics
UnitUSD
Resolution1d
AssetsBTC
TierBasic
API EndpointGET /v1/holder/valuation
Fieldrealized_cap

Overview​

Realized Cap (Realized Capitalization) values every UTXO at the price when it was last moved, then sums all values across the network. It represents the aggregate cost basis of all Bitcoin holders and filters out lost or long-dormant coins that distort traditional market cap.

Formula​

Realized Cap=∑iamounti×price(cohort_datei)\text{Realized Cap} = \sum_{i} \text{amount}_i \times \text{price}(\text{cohort\_date}_i)

This is equivalent to the sum of LTH and STH realized caps:

Realized Cap=LTH Realized Cap+STH Realized Cap\text{Realized Cap} = \text{LTH Realized Cap} + \text{STH Realized Cap}

Interpretation​

  • Rising Realized Cap: Capital is flowing into Bitcoin — new purchases at higher prices increase the aggregate cost basis.
  • Falling Realized Cap: Old coins acquired at higher prices are being spent and replaced by coins acquired at lower prices, indicating capitulation.
  • Realized Cap vs Market Cap divergence: When Market Cap is far above Realized Cap, the network is sitting on large unrealized profits (potential overheating). When they converge, the market is near its aggregate cost basis.

Use Cases​

  • Capital flow tracking: Realized Cap change approximates net capital inflows/outflows.
  • MVRV denominator: Market Cap ÷ Realized Cap = MVRV ratio, a key cycle indicator.
  • Cycle analysis: Realized Cap peaks lag market cap peaks — useful for confirming trend reversals.

API Usage​

curl -H "Authorization: Bearer YOUR_API_KEY" \
  "https://api.blocklens.co/v1/holder/valuation?start_date=2024-01-01&end_date=2024-12-31&limit=365"