Realized Cap Crosses $1 Trillion as Bitcoin Holds $118K Support Following Historic Whale Offload

Bitcoin Holds Firm Above $118K as Realized Cap Surpasses $1 Trillion; Galaxy Confirms Historic $9B BTC Transfer

Bitcoin is trading steadily above $118,000 after reaching a major milestone — a $1 trillion realized market capitalization — signaling deepening investor confidence and strengthening on-chain fundamentals.

BTC rose 1.45% over the past 24 hours, pushing its 30-day gain to 10.42% and lifting its year-to-date performance to over 26%, according to CoinDesk data. After bottoming near $105,400 earlier in July, Bitcoin rallied to a record high of $122,700 before entering a consolidation phase just below that level.

Blockchain analytics firm Glassnode reported that this latest move marked one of the most significant bullish breakouts of 2025, with increased profit-taking from long-term holders and sustained inflows from new participants. The result: Bitcoin’s realized cap — which measures the value of BTC based on the price at which each coin last moved — has crossed the $1 trillion threshold for the first time ever.

Unlike traditional market cap, which simply multiplies current price by circulating supply, realized cap better reflects actual capital deployment in the network. Glassnode says this development indicates Bitcoin’s growing role in global capital markets and its maturing investor base.

Fueling the bullish momentum was Galaxy Digital’s announcement of a $9 billion bitcoin transaction — among the largest ever recorded. The deal involved the transfer of 80,000 BTC on behalf of an early adopter, reportedly as part of estate planning. Galaxy called it one of the most significant notional BTC transactions in crypto history.

The event comes amid renewed scrutiny of earlier bitcoin sales. CNBC revisited Tesla’s 2022 Q2 filing, which showed that the EV maker had liquidated around 75% of its bitcoin holdings at the time. Analysts estimate that if Tesla had held onto that position, its BTC would now be worth over $5 billion — four times the value currently reflected in its balance sheet.

A similar missed opportunity has been spotlighted in Germany, where government authorities sold 50,000 seized BTC for $2.9 billion between June and July 2024 — averaging $57,900 per coin. According to Arkham Intelligence, those holdings would now be worth more than $5.2 billion, implying a $2.35 billion opportunity cost.

Technical Overview:

• During the 23-hour session ending July 26 at 14:00 UTC, BTC surged over 3%, trading in a $3,300 range between $114,937 and $118,237.
• Key support was found in the $117,140–$117,330 zone, while resistance built just below $118,200.
• Bitcoin edged up 0.07% in the final hour, closing at $118,183, with tight-range price action suggesting persistent buying pressure just under key resistance levels.

As institutional interest swells and long-term holders reinforce support, Bitcoin’s consolidation around $118K could be setting the stage for a new leg higher — especially if macro tailwinds and liquidity trends remain favorable.