Bitcoin Holds Strong Above $118K as Realized Cap Tops $1 Trillion Amid Institutional Surge
Bitcoin continues to trade firmly above $118,000 after surpassing a historic on-chain valuation milestone — a $1 trillion realized market capitalization. This development highlights a growing influx of institutional capital and rising confidence in Bitcoin’s long-term role in the global financial system.
Over the last 24 hours, BTC has gained 1.45%, bringing its 30-day performance to 10.42% and its year-to-date increase to more than 26%, according to CoinDesk data. After touching a July low near $105,400, Bitcoin rallied to a record high of $122,700, and has since entered a period of consolidation just below that level.
According to Glassnode’s latest Week On-Chain report, the sharp breakout earlier in July spurred significant profit-taking from long-time holders, while also pulling in new participants. This sustained activity helped push Bitcoin’s realized cap — which measures the value of coins based on their last on-chain movement — above $1 trillion for the first time.
Unlike traditional market capitalization, realized cap captures the actual capital deployed into the network. Glassnode noted this milestone reflects not only heightened institutional interest, but also an expanding liquidity base and Bitcoin’s deepening integration into the broader macroeconomic landscape.
Fueling the narrative was a massive $9 billion BTC transaction executed by Galaxy Digital on behalf of a legacy Bitcoin holder. In a Friday press release, Galaxy called it one of the largest single Bitcoin deals in crypto history, involving 80,000 BTC as part of estate planning.
Meanwhile, past decisions by corporate and government entities are drawing renewed scrutiny. CNBC revisited Tesla’s Q2 2022 sale of 75% of its Bitcoin holdings. At current prices, that stash would be worth more than $5 billion, compared to the company’s most recently reported value of $1.25 billion.
Similar criticism has resurfaced around the German government’s 2024 liquidation of nearly 50,000 BTC — sold for an average of $57,900 each, generating about $2.9 billion. Had those holdings been retained, they’d now be valued at over $5.2 billion, meaning Germany potentially missed out on more than $2.3 billion in gains.
Technical Overview
- Bitcoin traded in a $3,300 range between $114,937 and $118,237 in the session ending July 26 at 14:00 UTC.
- Key support remains intact around $117,140–$117,330, while resistance has clustered just below the $118,200 mark.
- BTC ended the session with a modest 0.07% gain, moving from $118,095 to $118,183 in the final hour — suggesting continued buyer interest around current levels.
As Bitcoin holds firm above the $118,000 threshold and capital continues to flow into the market, all eyes are on whether the asset can push back toward its recent record high of $122,700 — or enter a new consolidation range before the next leg up.
