Realized Capitalization
Market cap recalculated using each coin's last-moved price instead of the current price — a measure of real capital invested.
Realized capitalization sums the value of every coin at the price it last moved, rather than multiplying total supply by the current price (ordinary market cap). It approximates the actual capital stored in an asset, ignoring the paper gains that inflate market cap during rallies.
The gap between market cap and realized cap reveals aggregate profit or loss in the system. Realized cap also filters out lost coins (which never move) more sensibly than market cap. It’s a cornerstone of serious on-chain analysis — a more honest denominator for questions like “how much real money is in Bitcoin?” than the headline market-cap number.