Outflows Persist, L2s Shine

Realized Cap Highlights Continued Outflows

Realized capitalization is an important metric we have frequently referenced in prior notes. It values the network based on the price at which each bitcoin was last exchanged. It is a way to calculate the overall cost basis of all $BTC holders and, consequently, is a useful measure of flows into and out of the bitcoin network.

As one might expect, this year has witnessed significant and sustained declines in realized cap as entities that bought ...

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