Bitcoin's Realized Capitalization offers a nuanced view of its valuation by considering the price at which each Bitcoin was last moved, rather than the current market price. This approach provides a more accurate reflection of Bitcoin's "real-world" value, taking into account the activity and movement within the network.

Analyzing Realized Cap through UTXO Value Bands (USD) reveals insights into investor behavior. Transactions are segmented into bands, such as $1-$100 or $1M+, allowing us to observe how different investor groups are accumulating or distributing Bitcoin.

Currently, UTXOs in the +$1M band constitute 78% of the network’s realized capitalization, highlighting the dominance of whales and institutions in influencing Bitcoin's market dynamics.