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
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