Outflows Persist, L2s Shine
Dec 9, 2022
• 7
Min Read
Realized Cap Highlights Continued Outflows
Realized capitalization is an important metric we have frequently referenced in prior notes. It values the network based on the price at which each bitcoin was last exchanged. It is a way to calculate the overall cost basis of all $BTC holders and, consequently, is a useful measure of flows into and out of the bitcoin network.
As one might expect, this year has witnessed significant and sustained declines in realized cap as entities that bought towards the market top of the market in 2021 have sold their BTC at a loss, seeking liquidity in oth...Finish reading this report for free
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