• Realized Cap values different parts of the supplies at different prices (instead of using the current daily close). Specifically, it is computed by valuing each UTXO by the price when it was last moved.

Quick Take

• Looking at the difference in drawdown from an all-time high (ATH) between market cap and realized cap.
• The 2022/23 bear market has seen the realized cap drawdown by 18.9% — the second worse drawdown historically.
• Market cap drawdown was the fourth worse at 76.9% — establishing a lower low.