Despite Bitcoin experiencing a decline of over 30% in the past 10 weeks, causing many investors to feel anxious, on-chain data shows that the spark of a bullish trend does not seem to have been extinguished.

According to Glassnode data, Bitcoin's "Realized Cap" currently remains firmly at a historical high of $1.125 trillion, indicating that there has not been a large-scale withdrawal of funds from the market, and suggesting that the bull market structure remains solid.

Unlike the commonly watched "Market Cap" (current price x total circulating supply), this on-chain indicator is more valuable for reference. "Realized Cap" is calculated based on the "last on-chain movement price" of each Bitcoin, removing the influence of short-term speculation, and reflecting the "actual cost basis invested by investors" and "actual capital inflow."

In other words, when the total market value fluctuates wildly with the price of the coin, the realized cap remains high and stable, indicating that holders are reluctant to sell and that there has been no large-scale loss realization.