Realized Cap Reflection. The network's total base cost indicator increased by approximately $31 billion (+2.9%), from $1.057 trillion to $1.088 trillion, following months of declines after the peak at the end of 2025. The price rose faster than the capital: Realized Cap up +2.9%, BTC from $69K to $80K (+16%). This rally was driven primarily by holders’ reluctance to sell, not by a massive inflow of new capital—similar to 2023. A rising Realized Cap alone does not guarantee further gains. It also rose near the 2025 peak, when older capital distributed coins at profit to new holders. What to watch: Will Realized Cap maintain its upward trend without stalling? Will the price defend its realized gains amid new capital inflows? If both conditions hold, the current rally may signal a healthier, more sustainable market structure—like in 2023.