Alec 🟠
@_alecdj
Co-founder @checkonchain | Making Bitcoin + onchain data easier to understand
120 Following 1.4K Followers
One of the clearest signs of Bitcoin’s growth between cycles:
During the 2022 bear market lows, Realised Cap fell to ~$384B.
In the 2025-26 bear market, it never even dropped below $1T.
Realised Cap measures the amount of real dollars invested in BTC by pricing each coin based on when it last moved.
Despite another brutal bear market, Bitcoin’s underlying capital base is now more than 2.5x larger than it was at the depths of the last one.
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If bitcoin:native has entered a new bull market, the 2025–26 bear market will be BY FAR the shallowest in Bitcoin’s history.
Historic drawdowns from ATH (approx):
🔴 2015: -85%
🔴 2019: -83%
🔴 2022: -75%
🟠 2026: -53%
Still a brutal drawdown by normal standards. For Bitcoin though? Surprisingly mild.
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Bitcoin Twitter has the wild ability to turn a 5% price move into a 14-part explanation involving global liquidity, Japan, options wizardry and moon math.
Sometimes demand just exceeds supply. People want the orange coin.
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