A new report has revealed that a total of $732 billion in capital has flowed into Bitcoin this cycle, more than all other cycles combined.

Bitcoin Has Seen Historic Growth In Realized Cap This Cycle

On-chain analytics firm Glassnode has released its Q4 2025 Digital Assets Report in collaboration with crypto investment firm Fasanara Digital, shedding light on how the market landscape has developed in the fourth quarter of 2025.

One of the things the report has talked about is the trend in the Realized Cap of Bitcoin. This capitalization model calculates the total value of the cryptocurrency by assuming the the value of each individual token is equal to the price at which it was last transacted on the blockchain.

The last transaction of any token is likely to represent the last time it changed hands, so the price at its time could be considered as its current cost basis. As such, the Realized Cap is a sum of the acquisition values of all coins in circulation. In other words, the model represents the total amount of capital that the investors used to purchase the asset’s supply. Considering this, changes in the indicator naturally correspond to the netflow of capital.

Below is a chart that shows how the Bitcoin Realized Cap has fluctuated over the last few years.

As displayed in the graph, the monthly change in the Bitcoin Realized Cap has remained positive over the last couple of years, indicating that the network has been enjoying a sustained expansion in stored capital.

The rate of inflows has varied a lot over the cycle, however, accelerating to high levels during rallies and slowing down during flat or bearish periods. Most recently, the monthly increase in the metric hit a high of $39.8 billion in October, but the bearish momentum since then has meant a cooldown to $15 billion.

Following the continued rise in the Realized Cap, its value has reached a new all-time high (ATH) of $1.1 trillion. The report noted that this marks “a historic milestone that underscores Bitcoin’s continued evolution as a globally held, high-liquidity asset.”

The Realized Cap has clearly witnessed a significant amount of growth this cycle. But how does it stack up against the capital inflows of the past cycles? Here is another chart, this one comparing the cumulative Realized Cap change for each cycle:

In total, the current cycle has attracted over $732 billion in capital. The last cycle saw $388 billion in inflows, and the two cycles before that about $90 billion combined. Thus, the latest cycle has not only outpaced each of the past cycles, but it has in fact seen a higher Realized Cap increase than all of them combined.

BTC Price

Bitcoin’s latest recovery has so far been holding as its price is trading around $92,800.

Bitcoin continues to trade below $90,000, struggling to recover after several days of heavy selling and aggressive long liquidations. Sellers keep pushing price lower, and bulls fail to reclaim momentum, creating a market environment filled with uncertainty and fear. Every attempt to bounce meets immediate resistance, showing how much control bears currently hold.

Data shared by Axel Adler shows a clear shift in derivatives pressure toward buyers. The liquidation dominance oscillator now sits at 32%, one of its highest readings in recent years. This level signals that leveraged bulls keep taking the majority of the damage, with long positions consistently wiped out as volatility rises. Instead of absorbing the drawdown, many traders continue to unwind or get forced out of their positions.

These repeated long liquidations fuel deeper downside moves and block any meaningful recovery attempts. The market now watches closely to see whether this wave of forced selling will continue dragging Bitcoin lower or if the pressure is finally reaching exhaustion.

Long Liquidations Dominate as Bitcoin Faces Renewed Downside Pressure

Adler explains that the liquidation dominance oscillator measures the ratio between long and short liquidations across the derivatives market. When the indicator prints positive values, shown as green bars, long positions take the bulk of the damage.

Negative values reflect a dominance of short liquidations. Bitcoin’s current reading of 32% stands out as one of the highest levels seen in the last three years, highlighting how aggressively bulls have been forced out during this correction.

November illustrates this perfectly. The market saw three separate waves of long liquidations, each exceeding $400 million. Every one of those spikes aligned with a sharp acceleration in Bitcoin’s price decline, reinforcing how leveraged buyers repeatedly amplified downside momentum. Rather than stabilizing the market, each flush created more selling pressure and triggered deeper unwinding across futures platforms.

The most recent liquidation wave reached $221 million, hitting the market right as Bitcoin attempted a short-term recovery. That flush immediately reversed the bounce and dragged BTC back down to the $86,000 region, erasing nearly all of last week’s gains. The persistent dominance of long liquidations shows that bulls remain under heavy stress—and until this dynamic eases, Bitcoin will struggle to build sustainable upside.

Bitcoin Market Searches for a Higher Time-Frame Floor

Bitcoin’s weekly chart shows the market pressing into a critical support zone after weeks of heavy selling. The price has dropped from the $115,000 region to the $86,000–$88,000 range, where it now interacts directly with the 100 SMA. This moving average has served as a key structural support in previous cycles, and Bitcoin’s current test of it will likely determine whether the broader uptrend holds or breaks down further.

The recent candles highlight intense volatility. Bitcoin briefly dipped to nearly $84,000 before buyers stepped in, forming a lower wick that shows early attempts to defend this level. However, the rebound remains shallow, and the 50 SMA continues to slope downward — a sign that short- and mid-term momentum still favors sellers. For bulls to regain control, BTC needs to reclaim $95,000 on a weekly closing basis.

Volume adds weight to the bearish pressure. Selling spikes dominate recent weeks, revealing a mix of forced liquidations and fear-driven exits rather than healthy profit-taking. As long as BTC trades below the 50 SMA, the market remains vulnerable to deeper retracements.

If the 100 SMA fails to hold, the next major liquidity zone sits near $70,000–$72,000, aligning with previous consolidation and the long-term 200 SMA. The next weekly close will be decisive.

Featured image from ChatGPT, chart from TradingView.com

Bitcoin is fighting to reclaim the $90,000 level after a sharp drop earlier today, adding fuel to growing fears of a deeper downtrend. Market sentiment has weakened noticeably, with selling pressure intensifying across spot and derivatives markets.

Traders remain cautious as liquidity thins and volatility increases, creating an environment where even minor inflows can trigger outsized price reactions. The recent rejection below $90K highlights the fragility of the current structure and raises questions about whether Bitcoin is entering a more prolonged corrective phase.

However, beneath the surface, on-chain data reveals a striking counter-signal. According to On-Chain Mind, Bitcoin is currently printing the largest hidden-buying spike of the entire cycle. Order flow analysis tracks the relationship between actual buy/sell pressure and the corresponding price movement. When the two do not align, hidden divergences emerge: positive divergences indicate aggressive buying despite muted price action, while negative ones reflect stealth selling.

The size of this hidden-buying spike suggests a major imbalance in favor of buyers—an early sign that large players may be quietly accumulating while the broader market focuses on the decline. Whether this hidden demand can offset the prevailing sell pressure will determine Bitcoin’s next decisive move.

Hidden Buying Supports Reversal Narrative Despite Macro Fear

According to On-Chain Mind, the persistent hidden-buying spike remains one of the strongest signals favoring a future upside reversal. Even after Bitcoin’s most recent drop, the imbalance between real buying pressure and price action suggests that large players are still absorbing supply.

While this type of signal does not guarantee an immediate rebound—and may take several weeks to fully materialize—it indicates that buyers have not exhausted their resources. Historically, such divergences appear near cyclical inflection points, when sentiment is weakest, but accumulation quietly strengthens beneath the surface.

This constructive signal emerges at a time when fear in the market is amplified by external narratives. Renewed headlines about a China Bitcoin ban, despite being recycled and lacking substantive policy updates, have resurfaced across social media, contributing to confusion and short-term panic. Similarly, fresh waves of Tether FUD—focused on reserve transparency and regulatory scrutiny—have pressured liquidity conditions and fueled risk-off behavior.

Together, these storylines have exaggerated bearish sentiment, overshadowing the more nuanced on-chain developments. While retail reacts to alarming headlines, order flow data suggests that sophisticated investors are taking the opposite stance. If hidden accumulation continues, this correction may ultimately resolve with a stronger recovery than current sentiment implies.

Related Reading: Bitcoin STH Loss Transfers Fall 80% From Peak – What Comes Next?

Bitcoin Attempts to Stabilize After Sharp Breakdown, but Trend Remains Fragile

Bitcoin’s 1-day chart reflects a market still under heavy corrective pressure following the steep decline from the $110,000 region. The breakdown sliced through the 50 SMA and 100 SMA with little resistance, signaling a decisive shift in momentum. Price is now hovering below both moving averages, which have begun to curl downward—an early sign that the medium-term trend has weakened. The 200 SMA around the $109,000 zone sits far above the current price, underscoring how aggressive the correction has been.

After reaching a local low near $83,000, BTC has attempted to rebound, but the reaction remains modest. The latest bounce failed to reclaim $90,000 convincingly, forming a lower high that aligns with bearish continuation.

Volume spikes during sell-offs reinforce the dominance of sellers, while buying activity remains comparatively muted. Until BTC can flip the 50 and 100 SMAs back into support—now clustered around $101,000–$108,000—bulls will struggle to regain control.

The chart also shows increasing distance between price and the 200 SMA, a condition that often precedes temporary relief rallies. However, unless Bitcoin closes back above the $95,000–$98,000 region, downside risks persist. For now, BTC is attempting to stabilize, but the broader trend continues to favor caution.

Featured image from ChatGPT, chart from TradingView.com