One Bitcoin metric indicates there’s still a “long way to go” before BTC hits its cyclical top, according to the co-founder and chief executive of analytics platform CryptoQuant.
Ki Young Ju notes that 63% of Bitcoin’s realized cap hasn’t moved in more than six months.
Realized cap is an on-chain metric that attempts to provide a better estimate of the top crypto asset’s market capitalization by eliminating long-lost and unclaimed coins in the calculation.
In terms of the same metric, previous cycle tops in 2021, 2018 and 2014 registered 15%, 5% and 5% respectively, according to the CEO.
Young Ju also notes that Bitcoin currently has triple the hash rate it had when it was at the same price point in 2021.
The hash rate measures the processing power of the Bitcoin network as the speed at which a miner completes an operation. A higher hash rate indicates a stronger network and better security.
Additionally, the CEO points out that 18,000 BTC recently moved from top US crypto exchange Coinbase to multiple non-exchange addresses which were likely custodial wallets.
Bitcoin is trading at $52,205 at time of writing. The top-ranked crypto asset is up more than 5% in the past week and more than 18% since the start of the year.
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