On-chain data suggests the Bitcoin rally could continue further as the sector is still observing significant positive capital netflows.
Major Asset Classes In The Cryptocurrency Sector Continue To See Inflows
As pointed out by analyst Ali in a post on X, a large amount of capital is flowing into the cryptocurrency market right now. The Glassnode indicator that the analyst has cited tracks the netflows going into the sector by measuring two things.
First, it finds out the 30-day net position change in the “realized cap” of Bitcoin and Ethereum. The realized cap here refers to a capitalization model that calculates the total valuation of an asset by assuming that the price at which each token was last moved on the chain is its true value.
Since a token’s movement could likely represent a change of hands, the price at which it was transacted was its buying price. Thus, the realized cap provides us with information about the amount of capital that the holders as a whole have used to
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