Bitcoin Holds Above $118K as Realized Cap Hits $1 Trillion Amid Record Transaction

Bitcoin (BTC) is trading steadily above $118,000, marking a 1.45% daily gain and extending its 30-day rise to 10.42%. Year-to-date, the leading cryptocurrency is up over 26%, fueled by robust institutional activity and a historic on-chain milestone.

Data from Glassnode’s latest “Week On-chain” report shows bitcoin’s realized capitalization — which values coins at their last movement rather than current price — has surpassed $1 trillion for the first time. This milestone signals deeper liquidity and rising conviction among long-term holders and new investors. July saw bitcoin rally to an all-time high of $122,700 after dipping to $105,400 earlier in the month, triggering profit-taking but also attracting fresh capital inflows.

Institutional interest remains strong. Galaxy Digital announced it executed one of the largest bitcoin transactions ever — a $9 billion sale involving 80,000 BTC from a legacy investor’s estate planning. Meanwhile, Tesla’s 2022 decision to sell 75% of its bitcoin continues to spark debate; had it held, its holdings would now exceed $5 billion compared to the $1.25 billion reported last quarter.

Criticism also surrounds Germany’s liquidation of 50,000 BTC seized in 2024, sold at roughly $57,900 each. Those coins would now be worth over $5.24 billion, with critics arguing the sale pressured prices and missed billions in potential gains.

Technically, bitcoin is consolidating between $117,140 and $118,200, with buying interest evident near support levels. Analysts note tight trading ranges could precede another breakout as institutional demand and on-chain strength continue to drive market momentum.

Bitcoin’s sustained rally underscores its growing macroeconomic role and capacity to absorb larger volumes of capital amid rising global adoption.