Investor Capitalization
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Investor Capitalization is Realized Cap minus Thermocap, the cumulative USD value of miner revenue at the time it was earned. Expressed in USD, it discounts the miner-revenue component from the network's aggregate on-chain cost basis to form a modeled investor capital base.
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Growth indicates that the on-chain cost base is expanding faster than the miner component; declines mean the opposite. Investor Cap ranged from about $335.7 billion to $428.5 billion in 2022, and reached a record of roughly $1.043 trillion on November 26, 2025. Compare it with market cap and Realized Cap to put the size in context.
This is an accounting model, not a ledger of net fiat deposits or investor cash available to spend. Last-move prices are proxies for acquisition costs, miner revenue is not mining profit, and the early zero values overlap a period with no usable market-price history.
- 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 subtract Thermocap from Realized Cap?
Thermocap accumulates the USD value earned by miners over time. Subtracting it separates a modeled miner component from the broader cost base; it does not identify individual miner-owned coins.
Is Investor Cap the same as active investors' average cost?
No. Investor Cap is an aggregate USD amount. An active-investor price model also divides a capital measure by an estimate of active supply to obtain dollars per BTC.
Does a trillion-dollar Investor Cap mean a trillion dollars entered exchanges?
No. It is a difference between two accumulated valuation measures. Transfers can reprice coins without a cash trade, so the amount cannot be interpreted as total exchange deposits or net money inflows.
