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© 2026 The Markets Unplugged · Data in. Conviction out. - Published with Ghost & Aspect

Bitcoin’s Cost Basis Just Repriced at the Highs

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    Doc Doc
    On-chain and alt-sector research at The Markets Unplugged. Creator of the Bitcoin Barometer, Ethereum Barometer, Alt Sector Radar and ETH Rotation Index. Host of the Crypto Unplugged podcast.
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  • July 10, 2025
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Bitcoin’s Cost Basis Just Repriced at the Highs
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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.

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Doc Doc
On-chain and alt-sector research at The Markets Unplugged. Creator of the Bitcoin Barometer, Ethereum Barometer, Alt Sector Radar and ETH Rotation Index. Host of the Crypto Unplugged podcast.
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