Bitcoin’s Realised Cap Spike Confirms Repricing Is Real

Bitcoin broke above its all-time high at $112K. Some dismissed the move as an ETF-driven fakeout. But beneath the price chart, the on-chain data has already delivered its verdict.

A sudden $4.4 billion increase in Realised Cap has validated the breakout. This is not speculative markup. This is cost basis being recalibrated at cycle highs. I think this is one of the clearest signals that conviction, not leverage or retail euphoria, is guiding this move.