Bitcoin’s Realized Capitalization Hits Record $906B – Is a Bull Run Brewing?

Bitcoin has set a new milestone in on-chain metrics. Its Realized Capitalization has reached a fresh high of $906.04 billion for the fourth consecutive week. This metric reflects the total value of all unspent Bitcoin transaction outputs (UTXOs) based on their purchase price, and has now surpassed its previous record as BTC continues consolidating around the crucial support of $103,000.

Experts say that this trend could set the stage for a historic bull run.

Bullish Breakout Ahead?

Since the current range-bound phase began on May 8, Bitcoin has absorbed an additional $14.4 billion in new capital, which is a 1.61% increase in Realized Capitalization.

According to CryptoQuant’s latest report, this is an indicator of steady investor inflow. It further suggests that once Bitcoin decisively clears the $104,731 resistance level, the next target at $107,757 could come into play, which, in turn, could potentially open the door to a new all-time high.

Interestingly, driving much of this capital accumulation are large holders, with the 100-1,000 BTC UTXO value bands increasing their combined holdings by 122,540 BTC over the past 10 days. This figure represented a 2.2% increase.

Institutional interest remains uneven, but BlackRock has emerged as the only major ETF to add to its Bitcoin holdings during this period, which has increased its balance by 10,302 BTC (1.66%) to 631,902 BTC, while other funds have either trimmed exposure or held steady.

As such, CryptoQuant observed that the upward trend in Realized Capitalization signals market confidence. If the trend continues, it could support further price expansion and potentially catalyze a historic bull run.

Bitcoin’s June Explosion Looms

Matrixport’s recent market update also echoed a similar trend, as Bitcoin’s surge has found significant backing from multiple positive catalysts. The platform stated that the fading of crucial downside risks, such as US tech sector pressure due to Q1 earnings and concerns over AI-related capex, has reopened the door for asset growth. Strong earnings and renewed commitments from major tech firms have helped restore investor confidence and lifted equities and crypto alike.

Political shifts have also played a role, as US President Donald Trump promoted inbound investments and potential policy tailwinds like extended tax cuts and deregulation. Matrixport said that it turned bullish in mid-April, supported by its trend model signaling a reversal into an uptrend. The firm expects a favorable window for risk assets until July, as this period coincides with the Q2 earnings season, the conclusion of the 90-day tariff truce, and peak liquidity conditions.

Another key catalyst is the upcoming $5 billion in FTX creditor payouts set for late May, which could flow into crypto markets and boost momentum in June. Combined with steady ETF inflows and stablecoin growth, these factors may sustain Bitcoin’s rally.