Bitcoin has achieved a historic milestone with its realized capitalization exceeding $1 trillion for the first time, according to on-chain analytics firm Glassnode. The metric, which values each BTC based on the price at its last on-chain movement, reflects the aggregate cost basis of the entire Bitcoin supply and measures actual capital stored in the network.
25% of this total ($250 billion) entered Bitcoin in 2025 alone, accelerating a growth trend that began in 2023 when realized cap stood below $400 billion. This surge coincides with Bitcoin's price hovering near $119,500 – just 3% below its recent all-time high of $123,000 – following a 14% monthly gain and 84% annual increase.
Institutional adoption drove much of this growth, with spot Bitcoin ETFs attracting over $50 billion in new capital within a year. BlackRock's IBIT ETF alone accumulated $48 billion since launch. Corporate treasury holdings expanded dramatically, with 150+ public companies now holding 725,000 BTC – a 135% year-over-year increase. Entities like Strategy and Metaplanet significantly expanded their Bitcoin reserves.
Historically, realized cap milestones precede sustained bullish momentum. When it crossed $850 billion in early 2025, it triggered a price breakout above $87,000 in April. Glassnode notes the metric signals growing investor conviction, as capital entering at higher prices establishes stronger support levels and reduces panic-selling risks among long-term holders.