ME News reports that on September 7 (UTC+8), CryptoQuant analyst Axel Adler Jr. stated that Bitcoin’s realized capitalization, after 87 consecutive days of negative growth, turned positive on August 24 and rose to +0.88% by September 6, indicating a recovery in BTC’s on-chain capital base. Bitcoin’s realized cap is currently approximately $1.068 trillion, having increased by about $9.36 billion over the past 30 days, even as BTC fluctuated around $80,000. Axel Adler Jr. noted that this suggests the previously contracting realized cap is improving. However, the metric briefly turned positive in May before declining again, so it remains to be seen whether this capital growth can be sustained. Meanwhile, Bitcoin’s realized premium Z-Score has declined from 4.17 during BTC’s price rise on August 19 to 0.90 on September 6, but remains in positive territory. Axel Adler Jr. explained that this decline does not imply weakening price momentum, as new price levels gradually enter the calculation, naturally reducing the deviation from the 28-day average. Overall, current on-chain signals are cautiously positive but have not yet confirmed a sustained bull market: realized cap is rising, and BTC continues to hold its recent gains. If the 30-day change in realized cap remains positive and the realized cap continues to expand, it will further support the continuation of the recovery; if the metric falls back below zero, this bullish assessment will be undermined. (Source: BlockBeats)
Bitcoin's realized cap rises after 87 days, chain data shows recovery
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Summary
On-chain data shows Bitcoin’s realized cap ended an 87-day decline, rising 0.88% from August 24 to September 6. The cap now stands at $1.068 trillion, with a 30-day increase of $93.6 billion. On-chain analysis by Axel Adler Jr. highlights this improvement, though past reversals serve as a caution. The realized premium Z-Score dropped to 0.90, remaining positive. Adler notes that this decline does not signal a weakening price trend, as new levels reduce deviation from the 28-day average. Positive 30-day growth could support the recovery, but a return to negative values would dampen the outlook.
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