Is Realized Market Capitalization a Backward Looking Metric?

Realized price is just arealized cap divided by circulating supply. When you take a realized, a ratio of these two metrics, it's a lot more attractive to buy vikon at forty k to day than it was at the beginning of last year. So that's more of a forward looking way of looking at this metric. On a relative basis, despite, since say, august, we've had 90 billions around there of capital infloes, on a Relative basis, it hasn't been much.

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