CryptoStar

07/11 01:50

Glassnode data suggests it might. BTC’s realized c

Glassnode data suggests it might. BTC’s realized cap has surged by $4.4 billion to $976 billion, moving in lockstep with Bitcoin’s rise to its new all-time high.

For context, that’s real capital rotation into BTC.

This could mark a key divergence. Back in May, Bitcoin’s rise was driven largely by leverage, with Open Interest (OI) exploding to a record $81.09 billion, while realized cap barely budged, hinting at speculative froth.

This time? OI hasn’t even cracked $80 billion. If this divergence sticks, it may invalidate the short-heavy setup currently dominating the order book

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