Bitcoin Realized Cap Dips as ETF Outflows Accelerate

Bitcoin's Realized Cap has experienced its first decline in nearly a month, indicating that fresh capital entering the market may be slowing. This shift comes as U.S. spot Bitcoin ETFs recorded two consecutive sessions of significant outflows, with $746.3 million combined net outflows across Sept. 15 and 16.

The Realized Cap metric tracks the value of coins based on their last price movement, providing insight into changes in on-chain capital conditions. Despite this decline, Bitcoin remains near Glassnode's $76,700 True Market Mean, an on-chain reference representing the average price paid by active investors.

Market pressures have emerged in recent weeks, including the Federal Reserve's September policy decision and broader crypto asset selling pressure. However, Bitcoin's structure has not disappeared, with a short-term holder cost basis around $71,300 and support areas between $62,000 and $65,000.