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Bitcoin’s Realized Cap Impulse, a gauge tracking changes in BTC’s realized market capitalization, has turned positive after 93 straight days in negative territory, crypto analyst Crazzyblockk said on X, citing Alphractal data.
Crazzyblockk said the shift means realized market capitalization, which had been shrinking for an extended period, has started rising again. Similar reversals in September 2015, March 2019 and January 2023 were followed by sharp gains in BTC, Crazzyblockk said. The analyst added the metric turned positive on Aug. 20, when BTC was around $73,000, and has remained positive for eight days. Crazzyblockk also noted the uptrend did not continue after similar positive turns in 2018 and early 2022, adding that it will be important to see whether the reading stays positive and whether the BTC price rises alongside it.