Over the past few weeks, global macroeconomic shifts have breathed new life into the crypto market. One of the biggest drivers? Improved investor sentiment thanks to recent policy shifts between the U.S. and China.
The U.S. has slashed tariffs from 145% to 30%, while China has dropped theirs from 125% to just 10% — all within 90 days. These decisions could significantly ease global trade tensions, creating a more favorable environment for risk-on assets like Bitcoin.
In response, Bitcoin surged 1.7% in the last 24 hours, climbing to $106,574. It hit a 24-hour high of $107,844 before pulling back slightly. Even with that dip, Bitcoin is still only 2% below its January 2025 all-time high of $109,000. With this steady momentum, analysts and traders are watching on-chain metrics closely to understand what’s next.
Realized Capitalization Spikes — Accumulation Phase Accelerates
According to Carmelo Alemán from CryptoQuant, Bitcoin’s realized capitalization — which measures the value of each coin based on the price it last moved on-chain — jumped by roughly $3 billion in just one day, a 0.33% increase.
That kind of spike points to strong capital inflows, and signals that the market is currently in a strong cycle of accumulation and consolidation. Alemán pointed out a recurring pattern that started back in April: sharp price increases followed by 8–10 days of sideways movement. These lateral phases, supported by rising realized cap, are forming a staircase-like structure — each “step” builds a stronger base for the next move up.
In my view, this kind of structured growth is actually a healthy sign for Bitcoin. For long-term holders, it could be a golden opportunity — especially if this pattern continues to repeat.
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