Glassnode Report: Recent Bitcoin Demand Has Slowed Down

On-chain analysis company Glassnode revealed in its latest weekly report that the recent demand for Bitcoin has slowed down.

The report wrote: When bouncing back to historical highs, Bitcoin's realized cap had been on a sharp upward trend earlier. This rapid growth naturally means that capital is actively flowing into assets. However, recently, the trajectory of this indicator has become less steep. Its value is still growing, and new ATHs are being set, but it's clear that the scale of growth is much smaller than before. Currently, as the market digests recently allocated supply, the speed at which new capital flows into the Bitcoin network has significantly slowed from its peak.

"Realized Cap" refers to BTC's on-chain capitalization model which calculates asset values by assuming each circulating coin’s value equals its last spot price when moved on blockchain. Since any coin's last transfer on network could be its final change of hands, then that price can be assumed as its current cost basis. Therefore, realized cap is sum total of cost basis for entire circulating supply.