In the past week, the realized capitalization of the leading cryptocurrency rose by $8 billion, reaching $1.1 trillion, according to CryptoQuant’s CEO, Ki Young Ju.
1/ Bitcoin wallets’ avg cost basis is $55.9K, meaning holders are up ~93% on average.
Realized cap keeps rising (+$8B this week), indicating on-chain inflows remain strong.
Price hasn’t gone up because of selling pressure, not because demand was weak. pic.twitter.com/K96eFoFXau
— Ki Young Ju (@ki_young_ju) November 2, 2025
This metric tracks the cost of all coins at their last movement price and reflects the total volume of investment in the asset.
The realized price of Bitcoin has exceeded $110,000.
The CEO of the analytics platform linked the inflows to treasury firms and exchange-traded funds (ETF). Ju explained that the recovery of Bitcoin’s price will remain limited unless ETFs and Strategy resume large-scale purchases.
“If these two channels recover, the market momentum is likely to return,” he added.
The head of CryptoQuant also noted that miners are expanding their operations. He described the growth in hashrate as a “clear long-term bullish signal” for Bitcoin’s further growth.
Shrimp Activity
Meanwhile, an analyst under the pseudonym Darkfost highlighted the low activity of retail investors in the current cycle. He analyzed the behavior of market participants with balances of less than 0.1 BTC.
Retail Investors, the Biggest Absentees of this Cycle
“We are seeing the rise of new whales, companies building treasury reserves, and addresses that accumulate without selling. All of this makes the current cycle structurally different from previous ones.” – By @Darkfost_Coc pic.twitter.com/cwbszlVuYK
— CryptoQuant.com (@cryptoquant_com) November 3, 2025
According to his data, the inflow of bitcoins from this group to Binance is steadily declining. Since the beginning of 2023, the 90-day moving average of inflows has decreased more than fivefold — from 552 BTC to 92 BTC per day. The trend intensified after the launch of spot ETFs in January 2024.
Darkfost concluded that the current cycle is structurally different from previous ones due to the emergence of new whales and companies forming reserves in digital gold.
What’s Happening with Ethereum?
CryptoQuant analyst Burak Kesmeci drew attention to the average purchase cost of Ethereum by investors. He noted that the MVRV ratio for the asset has decreased from 1.85 to 1.5.
Ethereum MVRV at 1.50: The Calm Before the Next Move
“Ethereum is currently in a neutral zone — balancing between fear and greed. Ethereum is stabilizing between $2,560 and $5,760, and history tells us that MVRV 1.5 is a critical pivot point” – By @burak_kesmeci pic.twitter.com/pKVRz1Vp3E
— CryptoQuant.com (@cryptoquant_com) November 2, 2025
This indicates a reduction in investor profits and a cooling market. Kesmeci believes that the short-term profit-taking is nearing its end.
The realized price of the second-largest cryptocurrency by capitalization is at $2560. The analyst noted key levels: a potential bottom at $2560, a neutral zone at $3840 (MVRV at 1.5), and a possible peak at $5760 (2.25).
He concluded that Ethereum is in a neutral zone, with MVRV at 1.5 being a critical point.
Back in October, Sigma Capital CEO Vinit Budki suggested that the leading cryptocurrency would continue to experience cyclical ups and downs, with the price potentially dropping by 65-70% in the next two years.