📊 Bitcoin Realized Cap (1d–1w) Shows We’re Far From Euphoria

The chart tracks short-term realized cap activity (UTXO age bands of 1 day to 1 week) versus Bitcoin’s price.

🔴 In past cycles (highlighted in red), 1d–1w activity spiked sharply near market tops — a clear sign of euphoria and profit-taking.

🟢 Currently, even with $BTC near $120,000, short-term spending is relatively low, suggesting:

• No mass exit yet

• No euphoria

• Potential room to grow

This is a classic sign that smart money isn’t dumping — the rally may still be in its early or mid-phase.