The latest on-chain data shows that Bitcoin’s Realized Capitalization
The latest on-chain data shows that Bitcoin’s Realized Capitalization—the total value of all UTXOs ever moved on the Bitcoin network—has hit an all-time high of $906.04 billion. This is no small claim, as this is the fourth consecutive week that Bitcoin has set a new record for the metric. The figure was recorded on May 18, 2025, just ten days after the consolidation phase around $104,731 began.
Accumulation Spikes Among 100–1,000 BTC Holders in Just 10 Days
Behind that number is a story of how investors are starting to move. Since May 8, the value of UTXOs has increased by about $14.39 million, meaning that there has been a surge of investment flowing into the network in a short period of time. In percentage terms, this is an increase of 1.61%. It may sound small, but on the scale of Bitcoin, it is no joke.
BlackRock Adds Bitcoin While Retail Confidence Quietly Builds
Still in the same territory, namely the question of who is actually ‘buying up’ Bitcoin during this price consolidation. Data from the ETF sector shows that only one big name has increased its holdings: BlackRock. They shifted their position from 621,600 BTC to 631,902 BTC, up around 10,302 BTC or 1.66%. Other ETFs? Some have let go a little, while others have simply stayed put.
Interestingly, this wave of accumulation is not only coming from big players
Interestingly, this wave of accumulation is not only coming from big players. CNF reported a few days ago that retail investors are slowly starting to enter the market again. Activity from small holders is starting to increase. The signal is quite clear—although the spot and futures markets still feel cautious, confidence is starting to grow at the grassroots.
However, Ali Martinez, an on-chain analyst who frequently appears on various crypto channels, said that the CVDD (Cumulative Value Days Destroyed) metric places Bitcoin’s potential peak price at around $120,000 in the current bull cycle. But that only applies if Bitcoin can maintain support at $90,000. If it fails? It could be a different story.
Furthermore, network pressure is also starting to be felt. The average Bitcoin on-chain transaction fee jumped to $2.40 as of May 19, almost doubling from the beginning of the month. This is not bad news, but rather an indication that transaction demand is high.
Meanwhile, as of press time, BTC is trading at about $103,175.94, slightly down 0.70% over the last 24 hours and moving sideways over the last 7 days.