On-chain data shows that a majority of the USD capital invested in Bitcoin has dipped into losses following the latest market crash.

Majority Of Bitcoin’s Realized Cap Is Now Underwater

As pointed out by on-chain analyst Checkmate in an X thread , Bitcoin’s recent bearish action has put a huge amount of the capital invested into the cryptocurrency in a state of loss. The invested capital here refers to the amount that BTC investors as a whole used to purchase their tokens. This is different from the market cap , which represents the value the holders are carrying in the present.

The invested capital, which is popularly known as the Realized Cap , is determined by adding up the last USD transaction price for all coins in circulation. Not all transfers on the network correspond to a

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