Bitcoin's Realized Cap Turns Positive After 87-Day Negative Streak
CryptoQuant analyst Axel Adler Jr. has reported that Bitcoin's Realized Capitalization (Realized Cap) turned positive on August 24 after being negative for 87 consecutive days, reaching +0.88% by September 6.
The Realized Cap increased to $1.068 trillion over the past 30 days, with a gain of $9.36 billion, indicating an improvement in the on-chain cost basis following a prolonged contraction.
Meanwhile, the realized premium Z-score dropped from 4.17 on August 19 to 0.90 on September 6, showing that the extreme momentum driven by August's rapid price surge has eased, although it remains above zero.
According to Adler Jr., this composite signal is moderately positive, as prices have retained most of August's gains and realized capitalization continues to expand, providing support for the recovery. However, this does not confirm that Bitcoin has entered a sustained bull market phase.