Investor Capitalization
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
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.
How to read it
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.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- On-chain Indicators
- Type
- Single value
- Unit
- USD
- Data since
- 2009-01-03
- Latest data
- 2026-10-27
- Data points
- 6,507
FAQ
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.
