Bitcoin has reached a new record in network fundamentals: its realized capitalization has now surged to $906.04 billion — marking four consecutive weeks of all-time highs. This metric reflects the total value of all unspent transaction outputs (UTXO), calculated based on their acquisition price. It now exceeds its previous peak, as BTC continues consolidating around the critical $103,000 support zone.

A Foundation for a Historic Rally?

Since May 8, Bitcoin has absorbed an additional $14.4 billion in capital — a 1.61% increase in realized cap. According to the latest CryptoQuant report, this signals sustained investor inflows. Analysts note that if BTC can break decisively above the $104,731 resistance level, the next target could be $107,757 — potentially opening the door to a new all-time high.

While institutional interest remains mixed, BlackRock stands out as the only major ETF that increased its BTC holdings during this period. The fund added 10,302 BTC (+1.66%), raising its total balance to 631,902 BTC. Other funds either held steady or trimmed their allocations.

CryptoQuant views the continued rise in realized capitalization as a sign of growing market confidence. If this trend holds, it could support a further price breakout and catalyze a historic bull run.

A June Bitcoin Explosion on the Horizon?

Market commentary from Matrixport echoes this optimism. Their analysis highlights multiple bullish catalysts supporting Bitcoin’s momentum — from reduced downside risks in the U.S. tech sector to renewed investor optimism after strong Q1 earnings.

Additional tailwinds include U.S. President Donald Trump’s push for inbound investment, potential deregulation, and tax incentive extensions. Matrixport turned bullish in mid-April, guided by its trend model, and expects favorable conditions for risk assets to continue into July. This window coincides with Q2 earnings season, a 90-day U.S.-China tariff ceasefire, and peak liquidity cycles.

Another key driver may be the $5 billion in repayments to FTX creditors scheduled for late May, which could re-enter the crypto market and add fuel to a potential June surge. Combined with steady ETF inflows and stablecoin growth, these elements create a potent setup for a sustained rally.

Whales Are Behind the Capital Surge

Interestingly, the recent accumulation appears to be driven by large holders. Wallets with 100–1,000 BTC UTXOs added 122,540 BTC in the past 10 days — a 2.2% increase. This shows that capital consolidation is being led by entities with significant market influence.

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