Bitcoin is regaining momentum as both on-chain metrics and broader macroeconomic factors point toward a strengthening bullish trend. In a May 13 update on the Bitfinex Alpha blog, analysts highlighted that Bitcoin’s realized market capitalization has climbed to $889 billion, marking a 2.1% increase over the past month. Unlike traditional market cap, which calculates value based on current price and total supply, realized cap measures each Bitcoin at the price it last changed hands, offering a more accurate reflection of actual capital inflows.
This metric offers a clearer picture of sustained buying pressure, reflecting real investor engagement rather than speculative price swings. Supporting this trend, activity in spot Bitcoin exchange-traded funds (ETFs) shows robust inflows, with over $920 million entering these products in the past two weeks alone, underscoring growing institutional appetite for Bitcoin exposure.
At the same time, on-chain data reveals a sharp decline in the number of Bitcoin addresses holding coins at a loss, with more than 3 million BTC now back in profit. This shift points to improving market sentiment and a noticeable reduction in sell-side pressure, further reinforcing the bullish momentum.
After plunging 32% from its all-time high earlier this year, Bitcoin has staged a powerful rebound, reclaiming the $100,000 level for the first time in over three months. Analysts at Bitfinex attribute the resurgence to easing global trade tensions and a more dovish tone from the U.S. Federal Reserve, both of which have boosted investor confidence in risk assets.
Taken together, Bitcoin’s rising realized market cap and sustained institutional inflows point to a rally with solid foundations, one that appears more durable than previous surges and may still have significant upside potential.
Further supporting the outlook, bitcoin miners have yet to display any major signs of capitulation, with on-chain data consistently indicating a positive outlook, according to analysts at Bitfinex Alpha in a recent research report. Despite ongoing macroeconomic challenges and a 32% decline from Bitcoin’s all-time high in 2024, analysts observed that miner reserves have remained steady.
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