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On-ChainR
Realised Cap
A Bitcoin metric that values each coin at the price it was last moved on-chain, rather than the current market price. Represents the aggregate cost basis of all coins.
Example
“If Bitcoin's market cap is $1.2 trillion but its Realised Cap is $500 billion, the difference suggests that a large portion of unrealised profit exists in the market, which can signal overheating.”