The analytical firm Glassnode has highlighted on-chain data signaling a potential upward movement in Bitcoin’s price. They emphasized the importance of the ‘Realized Cap’ indicator, which is calculated based on the last price at which each coin was transacted. This metric is interpreted as a tool for measuring investors’ profit or loss status.
On-Chain Indicators
According to Glassnode’s data, the Realized Cap tracks net capital inflows into Bitcoin 
$0.000066. Since its low in 2022, the Realized Cap has increased by 2.1 times. This rise is seen as a potential indicator that prices might ascend in the future.
Glassnode stated, “Realized Cap measures net capital inflows into Bitcoin. Since the 2022 decline, there has been a 2.1 times increase, and the typical euphoria phase has not fully formed yet.”
Comparing with Previous Periods
The firm noted that the current cycle resembles the 2015-2018 price increases, characterized by strong demand supported by significant interest from spot market investors. Despite the market size, previous pullbacks typ...
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