Bitcoin Realized Cap Soars by $4.6 Billion, Is Bull Market Here?

CryptoQuant analyst Darkfost pointed out that Bitcoin's realized cap increased by over $4.6 billion in the past week, indicating improving demand.

This could be a sign of a bull market starting to take shape, according to earlier comments from CryptoQuant CEO Ki Young Ju.

The short-term holders of BTC are currently sitting on nearly 15% unrealized profits, with an average cost basis of around $70,100, which is the highest since July 2025.

While this may lead to profit-taking by these holders, Darkfost noted that the increase in realized cap should not be viewed as direct cash inflows into the market.