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Bitcoin’s realized cap has been rising since around Aug. 19, when the price rebound began, indicating fresh capital inflows and leaving little reason to expect another bear market, CryptoQuant CEO Ki Young Ju said.
Ju said stablecoin issuance does not necessarily lead to BTC buying, and funds flowing into futures exchanges can also coincide with falling prices as exchanges may need to secure liquidity to settle profitable positions. While stablecoin liquidity remains important over the long term, the more important question now is who is buying and who is selling, Ju said. Realized cap confirms new money is entering the market, while existing whales have stopped selling, miners are increasing production and sentiment in traditional financial markets remains positive, according to Ju.