RealizedCap_STH
Tech spec
| Field | Value |
|---|---|
| API name (slug) | realized_cap_sth |
| Group | realizedcap |
| Unit / Valuetype | usd / marketcap |
| Shape | scalar |
| Resolutions | block, h1, h4, h8, h12, d1 |
| Endpoints | /v2/realizedcap |
| Tier | 0 |
| Last updated | 2025-08-19 17:20 UTC |
| Docs | Open in Swagger |
Brief Description: The aggregated USD value of all bitcoins held by investors based on their price when last moved.
RealizedCap_STH represents the aggregated value in USD of all bitcoins at the price they were valued the last time they moved. This metric is a variant of market capitalization but focuses on bitcoins that have been actively used in transactions, giving insights beyond standard marketcap figures.
Metric variants
- _lth: RealizedCap_STH restricted to Long-Term Holders (age ≥ 155 days).
- _sth: RealizedCap_STH restricted to Short-Term Holders (age < 155 days).
Interpretation RealizedCap_STH can be a potent tool to gauge market valuation and participants behavior. A rising RealizedCap_STH suggests new entries of capital a fuelling the market, implying the surge of new demand and the higher reavaluation of coins. A decreasing RealizedCap_STH suggests exits of capital from the market, implying a lack of demand and the lower reavaluation of coins.
Advanced Explanation RealizedCap_STH is calculated by totaling the value of each Bitcoin at its last movement price. It differs from the standard market capitalization, which multiplies the current price of Bitcoin by the total supply, regardless of when each coin last moved. It can be divided into two categories based on the holding period: those held by Long Term Hodlers (LTH) and those by Short Term Hodlers (STH), which are separated by a threshold of 155 days.
The formula for calculating RealizedCap_STH for each UTXO (unspent transaction output) is:
RealizedCap_STH = Σ (value of each UTXO * price of Bitcoin when the UTXO last moved)