Bitcoin Realized Cap Holds Above $1 Trillion Record, Challenging BTC's Four-Year Cycle Theory

Bitcoin's realized capitalization, a key on-chain metric, continues to hold firmly above the $1 trillion mark, setting a new record high. This resilience in the realized cap, which values each coin at its last transacted price rather than the current spot price, suggests a strong and committed long-term holder base is refusing to sell. Analysts highlight that this sustained strength directly challenges the traditional notion of Bitcoin's predictable four-year market cycles, often linked to its halving events. The data implies that the market structure may be evolving, with fundamentals like increased institutional adoption potentially overriding historical cyclical patterns. This record-high realized cap is widely interpreted as a sign of underlying market health and investor conviction, even amid price volatility.