Bitcoin has hit a new record high for its realized cap, surpassing $872 billion. However, the growth rate is slowing to just 0.9%, indicating investors are cautiously optimistic despite recent price volatility. Strong accumulation periods in early and late 2024 contrast with slower growth in 2025, suggesting shifting market sentiment post-halving cycle. Despite a significant drop from $100,000 to $80,000, Bitcoin’s realized cap continues to rise, highlighting enduring confidence amidst market fluctuations. Glassnode data reveals distinct accumulation patterns between December 2022 and April 2025. Prices increased dramatically, jumping from around $16,000 to over $70,000. Two significant accumulation phases occurred in February and September-October 2024, marked by a sharp rise in realized cap net position change in green. However, the latest 0.9% monthly growth is a sign of cooling sentiment. Moreover, red arrows on the chart indicate periods where investors sold holdings even as prices rose. This suggests growing caution among market participants. Realized Cap Remains Strong Through Volatility Bitcoin’s price reached $100,000 in November 2024 before falling to over $80,000 by April 2025. Despite this fluctuation, the realized cap continued to grow steadily. This figure, reflecting the total value of coins at their latest traded prices, shows consistent long-term accumulation. Investor Sentiment Cools Despite Historical Metrics Data compiled by Glassnode reveals two key accumulation periods: one from December 2022 to April 2025 and another in February and September-October 2024. The former saw a price jump, while the latter marked major accumulation spikes, reaching as high as 14 percent. These spikes reflect investor confidence in long-term returns. While this pattern shows clear signs of change, the realized cap remains strong throughout all market phases. Throughout the entire cycle, the realized cap continued to grow. This suggests that despite short-term uncertainty, market participants remain confident and are positioned for the long term. Additionally, the widening gap between price and realized cap during fast price movements further underscores this long-term view.