Bitcoin’s Realized Cap Increases by $8 Billion Amid Sluggish ETF Inflows

Jimmy Aki
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On November 2, Ki Young Ju, CEO of CryptoQuant, reported that Bitcoin’s realized capitalization increased by over $8 billion, bringing the total to over $1.1 trillion. This metric values each coin at the price it last moved on the blockchain, indicating higher on-chain value movement across the network.

Investor and Miner Demand for BTC Surges Despite $19B Market Crash

Young Ju indicated that current Bitcoin demand is primarily driven by Bitcoin treasury firms such as Strategy (formerly known as MicroStrategy) and ETFs.

However, both segments have recently slowed in their acquisition drive, leaving Young Ju to speculate that renewed accumulation from these channels could restore momentum to the market.

Data from CryptoQuant also shows that BTC inflows from cryptocurrency spot exchanges to futures platforms have slumped considerably, which could imply that large holders are opening fewer leveraged long positions using Bitcoin as collateral.

Despite this reduction in activity, Bitcoin’s hashrate has reached new highs–equivalent to about 5.96 million ASICs online. This is happening, as public miners continue to expand their operations, which Ju described as a “clear long-term bullish signal.”

https://x.com/ki_young_ju/status/1984972582576333197

The broader institutional landscape reflects a similar contrast. Even as mining activity signals long-term confidence in the network, capital flows from BTC’s largest investors have eased up in the near term.

Data from Farside Investors revealed that U.S. Bitcoin spot ETFs experienced outflows of about $1.15 billion between October 29 and 31. Observers believe it reflects a weaker institutional appetite.

While long-term holders and miners continue to buy Bitcoin, the reduced pace from ETF and treasury companies suggests investors may be waiting for clearer signals before reentering the market for further activity.

Could More Global Adoption Boost BTC’s Price Value?

While institutional inflows remain subdued, expanding the rate of global adoption could provide a new demand source for Bitcoin assets.

The asset recently slipped from $110K on November 2 to $107K, yet analysts suggest that structural developments and not short-term fund flows could impact its long-term trajectory.

Across the EU, policymakers are taking active steps to integrate Bitcoin into their financial strategies.

In France, lawmakers from the UDR Party recently proposed a new crypto bill to establish a national Bitcoin reserve of 420,000 BTC over the next seven to eight years. If approved, France would control about 2% of Bitcoin’s total supply.

Similar efforts are underway on the Scandinavian Peninsula. Swedish lawmakers recently introduced a motion to create their own national Bitcoin reserve.

Meanwhile, Nordea, Scandinavia’s largest bank, announced that it will now allow customers to trade a Bitcoin-linked exchange-traded product (ETP).

These moves signal that institutional and national confidence in Bitcoin is growing. They also reinforce Michael Saylor’s recent projection that Bitcoin could reach $150,000 per coin within the next two months.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.