BlockBeats News, April 18, according to Cointelegraph, Bitcoin has achieved a Realized Cap of $872 billion, hitting a new all-time high. However, Glassnode's data shows that investors' enthusiasm for the current Bitcoin price level remains lacking. Despite the new all-time high in Realized Cap, the monthly growth rate of this metric has dropped to 0.9%, indicating that the market is in a "risk-off" sentiment.

Realized Cap measures the total value of all Bitcoin calculated at the price of their last transfer, reflecting the actual capital inflow and can be used to observe Bitcoin's economic activity. The slowing growth suggests that while there is still a net inflow of funds, it has significantly decreased, implying a decrease in the number of new investors or a weakening of the activity of existing holders.

In addition, Glassnode's Realized Profit and Loss chart has recently seen a significant 40% drop, indicating a large amount of profit-taking or stop-loss behavior in the market. The ratio of the market value to the realized value of Bitcoin's short-term holders is still below 1, a level historically associated with buying opportunities, further confirming that short-term holders are in a loss-making state.