Bitcoin is trading just above $113,000, with realized cap rising steadily and spending activity led overwhelmingly by coins younger than three months. Profit realization remains positive, short-term holders hover around breakeven, and older supply shows little sign of distribution.
Bitcoin closed Aug. 20 at $113,599, marking a 7.9% drop in the past week, a 3.3% decline over 30 days, but still a 1.7% gain across 90 days. Spot turnover has cooled: notional volume averaged $2.68 billion per day over the past week, below the 30-day average of $2.88 billion. The moderation in activity follows weaker weekly performance but doesn’t necessarily reflect panic selling, as on-chain flows suggest orderly profit realization rather than stress.
The realized cap, a measure of the aggregate cost basis of all coins in circulation, stands at $1.04 trillion. Over the last seven days, it added $8.98 billion; across the past 30 days, it rose by $34.85 billion. These gains line up almost exactly with net realized profit and loss.
NRPL shows a seven-day sum of $8.59 billion and a 30-day sum of $33.25 billion. The small residual gaps ($0.39 billion over 7 days and $1.60 billion over 30 days) match the dollar value of new issuance from block rewards.
At current subsidy rates of 3.125 BTC per block, roughly 450 BTC enter circulation daily, worth about $366 million across 7 days and $1.58 billion across 30 days at recent prices. This reconciliation shows that realized-cap growth is explained entirely by realized gains and miner issuance, with no unexplained distortions in the ledger.
SOPR metrics confirm the picture of steady profit-taking without signs of distress. Adjusted SOPR is at 1.028; its seven-day average is 1.033. Across the last 30 days, it closed above 1 every single day, meaning aggregate spending consistently happened in profit.
Short-term holder SOPR sits at 0.995, with a seven-day average at 1.002 and 24 of the last 30 days closing above 1. This reflects marginal breakeven conditions for recent buyers, some selling at cost and some at a small gain.
In contrast, the long-term holder SOPR is far higher at 1.718, with all 30 of the last 30 days above 1 and an average of 2.21. The long-term supply that does move is doing so at very high profit multiples, consistent with periodic…
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