According to a recent CryptoQuant Quicktake post by contributor Carmelo_Aleman, Bitcoin’s realized capitalization has surpassed its previous record, reaching over $906 billion as of May 18, 2025. This milestone marks the fourth straight week in which this key on-chain metric has hit a new high.
For the uninitiated, Bitcoin’s realized capitalization is the total value of all BTC in circulation, calculated based on the price each coin last moved rather than the current market price. This metric offers a more accurate reflection of true capital inflow and investor conviction, excluding dormant or lost coins.
Carmelo notes that BTC has been consolidating near the daily resistance level of $104,731 for nearly 10 days. During this phase, the leading cryptocurrency has continued to accumulate capital, possibly gearing up for a significant breakout.
If BTC can breach this resistance, the next major hurdle lies at $107,757. Clearing this level could open the door to a fresh all-time high, supported by several bullish on-chain signals. Carmelo adds:
On May 8, when this range-bound phase began, the total value of all UTXOs was $891,642,358, meaning that in just 10 days, new Bitcoin investments have added $14,399,578, reflecting a 1.61% increase in Realized Capitalization.
According to Bitcoin UTXO Value Bands, the most significant accumulation over the past 10 days has come from wallets holding 100 to 1,000 BTC. These wallets increased their collective holdings from 5.56 million BTC to 5.68 million BTC, representing a 2.20% gain during this period.
Among ETFs, BlackRock’s IBIT spot ETF stands out as the only major fund to increase its BTC exposure. Its holdings rose from 621,600 BTC to 631,902 BTC, a 1.66% increase. In contrast, most other ETFs have either taken profits or held their positions steady.
