Bitcoin’s Cyclical Top Still Far Off, Says CryptoQuant CEO

Realized Cap and Hash Rate Offer Insights

According to Ki Young Ju, co-founder and CEO of analytics platform CryptoQuant, there’s still a long way to go before Bitcoin reaches its cyclical top.

Young Ju pointed out that 63% of Bitcoin’s realized cap hasn’t moved in more than six months. This metric aims to provide a more accurate estimate of Bitcoin’s market capitalization by excluding lost and unclaimed coins.

In previous cycles, the realized cap reached 15% in 2021, 5% in 2018, and 5% in 2014, indicating that the current cycle has room to grow.

Young Ju also highlighted Bitcoin’s hash rate, which is triple what it was in 2021 when Bitcoin was at a similar price point. A higher hash rate indicates a stronger and more secure network.

Recent BTC Movement from Coinbase

Additionally, Young Ju noted that 18,000 BTC recently moved from Coinbase to non-exchange addresses, likely custodial wallets.

Current Market Situation

At the time of writing, Bitcoin is trading at $52,205, up 5% in the past week and 18% since the start of the year.


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