Alec 🟠(@_alecdj):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.

Alec 🟠

@_alecdj

Co-founder @checkonchain | Making Bitcoin + onchain data easier to understand

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Alec 🟠@_alecdj

2026.09.07 04:12

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.