Bitcoin Realized Cap Drops to 2.5 Million BTC, Lowest Since March 2024

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Jan 23 2026

WAVES+0.77%

BTC+3.074%

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New Market Low: Bitcoin's realized cap has fallen to 2.5 million BTC, marking the lowest level since March 2024, indicating a shift in market sentiment that could undermine investor confidence and future price trajectories.
Loss Realization: For the first time since October 2023, Bitcoin holders are facing net losses, with a cumulative loss of 69,000 BTC recorded since December 23, signaling a significant shift from profit-taking to loss realization in the market.
Sentiment Shift: This change reflects a notable shift in market sentiment over the past 30 days, as investors begin to recognize potential risks, which may lead to increased selling pressure and price volatility.
Historical Comparison: The current realized cap level matches that seen at the onset of the bear market in March 2022, suggesting that the market may face similar downward risks again, prompting investors to approach future market dynamics with caution.

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Technical Analysis for WAVES

Technical Sentiment Analysis for Waves (WAVES) As of , Waves (WAVES) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for WAVES stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, WAVES is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Waves (WAVES) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.214	0.324	0.433	0.543	0.652	0.762	0.871
Fibonacci	0.324	0.408	0.46	0.543	0.627	0.678	0.762

About WAVES

Waves is a multi-purpose blockchain platform which supports various use cases including decentralized applications (DApps) and smart contracts.Launched in June 2016 following one of the cryptocurrency industry’s earliest initial coin offerings (ICO), Waves initially set out to improve on the first blockchain platforms by increasing speed, utility and user-friendliness.The platform has undergone various changes and added new spin-off features to build on its original design.Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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