BTC Maintains Strength Above $118K as Realized Market Cap Tops $1T Post-Satoshi-Era Whale Dump

Bitcoin Holds Above $118K as Realized Market Cap Tops $1 Trillion, Galaxy Executes $9B Transaction

Bitcoin is maintaining strength above $118,000 after achieving a historic $1 trillion realized market cap — a signal of deepening institutional conviction and long-term capital deployment into the world’s largest cryptocurrency.

As of the latest 24-hour session, BTC rose 1.45%, bringing its 30-day gain to 10.42% and its year-to-date return to over 26%, according to CoinDesk data. July has delivered one of the strongest bullish moves of the year, with bitcoin rebounding from a low near $105,400 to hit an all-time high of $122,700 before entering a period of consolidation.

Blockchain analytics firm Glassnode highlighted the $1 trillion realized cap milestone in its latest report, calling it a reflection of increased investor confidence and growing liquidity in the network. Unlike market cap, which multiplies total supply by current price, realized cap measures the value of coins based on their last on-chain movement — a more accurate indicator of deployed capital.

Glassnode analysts noted that the July rally sparked significant profit-taking from long-term holders, while also attracting new capital inflows. The $1 trillion threshold represents a turning point, underscoring bitcoin’s growing macro relevance as it absorbs larger capital flows from both retail and institutional participants.

One of the most notable events contributing to this shift was Galaxy Digital’s confirmation of a $9 billion bitcoin transaction — among the largest on record — executed on behalf of a legacy BTC holder. The client, reportedly an early network participant, offloaded 80,000 BTC as part of estate planning. Galaxy’s announcement marked a major headline in the broader institutional movement into crypto assets.

Meanwhile, recent reflections on missed opportunities have resurfaced. CNBC revisited Tesla’s Q2 2022 earnings report, in which the company disclosed selling 75% of its bitcoin holdings. At current prices, that stake would now be valued over $5 billion — far above its last reported valuation of $1.25 billion.

Germany’s decision to liquidate roughly 50,000 BTC in mid-2024 — netting $2.9 billion at an average price of $57,900 — has also drawn criticism. According to Arkham, those coins would now be worth more than $5.2 billion, meaning Germany potentially left over $2.3 billion on the table by selling early.

Technical Picture:

• BTC traded in a $3,300 range between $114,937 and $118,237 during the session ending July 26 at 14:00 UTC.
• Support held in the $117,140–$117,330 range, while resistance formed just below $118,200.
• Bitcoin gained 0.07% in the final hour of trading, closing at $118,183 after briefly dipping to $118,095, with price action suggesting strong buying pressure near resistance.

As bitcoin hovers above $118K, with growing institutional participation and historic on-chain strength, investors are watching closely to see if the consolidation zone gives way to another breakout toward the $122,000 level or beyond.

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