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1/ Unprecedented capital inflows into #Bitcoin 
as measured by realized capitalization.
Over the past 6 months, realized cap has surged a whopping $250 billion – an increase of ~200%.
Healthy bull market.
Chart: http://glassno.de/3f24eDV
as measured by realized capitalization.Over the past 6 months, realized cap has surged a whopping $250 billion – an increase of ~200%.
Healthy bull market.
Chart: http://glassno.de/3f24eDV
2/ In the past weeks, realized cap has been increasing steeper relative to market cap, leading to a decline of MVRV – despite a "flat" #Bitcoin price.
MVRV-Z at this price level in February: 7.6
MVRV-Z today: 4.4
MVRV-Z at previous cycle tops: 10+
Chart: http://glassno.de/3eYGm3V
price.MVRV-Z at this price level in February: 7.6
MVRV-Z today: 4.4
MVRV-Z at previous cycle tops: 10+
Chart: http://glassno.de/3eYGm3V
3/ For comparison: the entire #Bitcoin market cap was only $250 billion half a year ago – the same amount Rcap has increased since then.
Realized cap is now as high as market cap 5 months ago, in mid December ($370B).
Chart: http://glassno.de/3vLoK2b
market cap was only $250 billion half a year ago – the same amount Rcap has increased since then.Realized cap is now as high as market cap 5 months ago, in mid December ($370B).
Chart: http://glassno.de/3vLoK2b
