Bitcoin Realized Cap
Realized cap
$1.08T
+1.25%30-day change
Market cap $1.64T
Bitcoin's realized cap is $1.08T as of Oct 14, 2026, 3.9% below its high of $1.13T on Nov 26, 2025. Market cap that day was $1.64T, 52% above it.
- Realized cap
- $1.08T
- Oct 14, 2026
- Market cap
- $1.64T
- Oct 14, 2026
- All-time high realized cap
- $1.13T
- Nov 26, 2025
- All-time high market cap
- $2.49T
- Oct 6, 2025
What it is
Every bitcoin valued at the price it last moved, added up: roughly what the market paid for the supply.
Market cap is the daily close times every coin in circulation: what the supply is worth today. Realized cap values each coin at the daily close of the day it last moved instead, so it changes only when coins move or new ones are mined. The gap between the two lines is the market's unrealized profit, or its unrealized loss when market cap is the lower line.
How to read it
Market cap above realized cap means the average coin is held at a profit.
Market cap has closed below realized cap on 11% of days since 2011, most recently on Jan 12, 2023. Realized cap itself falls only when the coins that move, taken together, change hands below what they last moved at. Market cap ÷ realized cap is the MVRV ratio, and its standardized form is the MVRV Z-Score; each has its own chart.
How it’s computed
Market cap = daily close × coins in circulation. Realized cap = each unspent coin × the close of the day it last moved.
Both come from replaying every block on our Bitcoin Core node against our daily price history, which starts on Aug 18, 2011. Coins that have not moved since before then count toward market cap but add nothing to realized cap: their cost basis is zero, the same convention Coin Metrics and Glassnode use. Both lines start on that day.
Realized cap at past cycle tops and lows
Each row is a day picked by our own price data: the highest daily close of each bull market, and the lowest close between two tops. From each top to the low that followed, realized cap changed by +47% (2013), +9% (2017), -13% (2021) and -2% (2025, so far).
| Event | Date | BTC close | Realized cap |
|---|---|---|---|
| Cycle top | Dec 4, 2013 | $1,132 | $2.89B |
| Cycle low | Jan 14, 2015 | $171 | $4.26B |
| Cycle top | Dec 16, 2017 | $19,188 | $73.2B |
| Cycle low | Dec 15, 2018 | $3,180 | $80.2B |
| Cycle top | Nov 8, 2021 | $67,559 | $446B |
| Cycle low | Nov 21, 2022 | $15,766 | $390B |
| Cycle top | Oct 6, 2025 | $124,728 | $1.09T |
| Low since the last top | Jun 30, 2026 | $58,526 | $1.06T |
Dates are UTC daily closes. The latest low is provisional until a new cycle top confirms it.