Bitcoin Hits $1T Realized Cap as Price Holds Above $118K After $9B BTC Sale by Satoshi-Era Whale
Bitcoin’s price remains robust, trading above $118,000 following a week of significant institutional activity and a landmark on-chain achievement. Over the past 24 hours, BTC saw a 1.45% increase, contributing to a 10.42% rise over the past 30 days and a year-to-date gain exceeding 26%.
Glassnode’s “Week On-chain” report highlights July as one of the year’s strongest upward breakouts. After a dip to around $105,400, Bitcoin surged to a record high of $122,700 before consolidating just below this level. This rally prompted significant profit-taking from long-term holders while attracting new buyers, resulting in a sustained capital inflow.
Consequently, Bitcoin’s realized capitalization—the total value of coins based on their last movement—surpassed $1 trillion for the first time. Unlike market capitalization, realized cap tracks actual liquidity deployed over time. Glassnode interprets this milestone as reflecting increased conviction among long-term and new investors, signifying a deeper liquidity base and a growing macroeconomic role for Bitcoin, capable of absorbing substantial capital volumes.
Galaxy Digital recently executed a noteworthy over $9 billion Bitcoin transaction on behalf of a legacy investor, representing one of the largest such transactions in crypto history. This transaction, part of the client’s estate planning, involved the sale of 80,000 BTC.
Conversely, Tesla’s conversion of approximately 75% of its Bitcoin holdings into fiat currency during the second quarter of 2022 has drawn renewed attention. Had Tesla retained its holdings, the value would now exceed $5 billion, significantly higher than the reported $1.25 billion valuation. This situation mirrors criticism faced by the German government for its early liquidation of seized Bitcoin, which resulted in a missed opportunity for substantial gains.
CoinDesk Research’s technical analysis indicates continued buying interest. Support remains firm around $117,140–$117,330, while resistance consolidates below $118,200. The recent 23-hour trading session showed a 3% rally within a $3,300 range, with modest gains in the final hour suggesting sustained market interest.
