Bitcoin's market capitalization has resumed its upward trend, increasing by approximately $31 billion from previous lows.

On Oct. 28, according to analysis by Crypto Mommy, an author on the on-chain data platform CryptoQuant, Bitcoin's Realized Cap has risen from $1.057 trillion to $1.088 trillion, an increase of approximately $31 billion, or about 2.9%. During the same period, BTC price rose from $69,000 to $80,000, a gain of roughly 16%, with the price surge significantly outpacing the growth of the network's cost basis. This suggests that the current rally may be driven more by holders' reluctance to sell rather than large-scale new capital inflows.

The Realized Cap values each bitcoin at the price when it was last moved on-chain, reflecting the network's overall cost basis. This indicator declined during the 2022 bear market, resumed its upward trajectory in 2023 marking the early stage of a new bull market, and after peaking in late 2025, had been falling for several consecutive months. The analysis cautions that the indicator was also rising near the 2025 peak, when long-term holders were offloading to new buyers for profit, meaning that an increase does not guarantee further price gains. Moving forward, attention should focus on whether the indicator can continue to expand and whether prices can sustain their gains alongside increased capital inflows.