CryptoQuant analyst Amr Taha said: “The realized market capitalization of long-term holders exceeded $10 billion for the first time.” This means that long-term holders spent a total of $10 billion to buy Bitcoin.

This indicator is calculated based on the price at which each Bitcoin was last sold. Crypto analytics firm Bitbo added that realized market capitalization is often compared to conventional market capitalization to analyze overall market sentiment.

Long-term holders generally refer to addresses that have held coins for more than 155 days. Taha explained that once a coin is held for more than 155 days, holders are significantly less likely to sell, meaning they are less likely to sell the asset during short-term market fluctuations.