Entity-Adjusted Realized Cap
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Entity-Adjusted Realized Cap estimates the aggregate USD cost basis of circulating bitcoin after grouping addresses attributed to the same holder. Coins are valued using their cost basis from transfers between entities, so identified internal wallet moves do not reset their acquisition value.
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A rising total indicates that repricing and issuance are adding more dollar cost basis than loss-making transfers remove; a decline indicates net cost-basis destruction. The series rose from about $175.7 billion at the start of 2021 to $465.8 billion at year-end, then fell from its 2022 high near $467.5 billion to $353.9 billion at year-end.
It estimates capital embodied in holdings, not money deposited to exchanges or a direct cash-flow total. Entity clustering and cost attribution can change, while lost or dormant coins retain old costs. Compare percentage changes across cycles because both supply and nominal dollar prices have grown.
- Tiheys
- Päivittäin (UTC 00:00)
- Omaisuuserä
- BTC
- Kategoria
- On-chain-indikaattorit
- Tyyppi
- Yksittäinen arvo
- Yksikkö
- USD
- Dataa alkaen
- 2009-01-03
- Uusin data
- 2026-10-28
- Datapisteet
- 6,508
UKK
Why adjust Realized Cap for entities?
An owner can move BTC between several wallets without acquiring it again. Grouping those addresses helps preserve the earlier acquisition cost instead of repricing the coins at every identified internal transfer.
Is Entity-Adjusted Realized Cap the same as Bitcoin market cap?
No. Market cap values all circulating coins at today's price. Entity-Adjusted Realized Cap uses estimated acquisition costs across holders and therefore need not move with each price change.
Does an increase equal the amount of fresh cash entering Bitcoin?
Not exactly. It reflects changes in estimated on-chain cost basis, including coins changing hands at different prices and new issuance. It does not observe every payment, exchange trade or funding source.
