Data: Bitcoin's profit-taking pressure is decreasing, with the "realized market capitalization" of long-term holders falling from $126 million to about $13.6 million

On June 10, according to data disclosed by Glassnode, the "realized market capitalization" of long-term holders who have held Bitcoin for more than 1 year has dropped sharply from a peak of about $126 million to about $13.6 million currently, a decrease of 89%. Despite similar price levels, profit-taking pressure for long-term investors was significantly lower than during the peak period in late May. The key indicator "Realized Cap" is based on the logic that when BTC is transferred to a wallet, it is considered as a "buy" and when it is transferred out, and the "realized market capitalization" of the entire network can be obtained by calculating the average cost basis of each wallet × holdings, which reflects the total amount of capital entering the Bitcoin market through real on-chain activities.