One of the most fascinating things about on chain analytics is that we just have a transparency that doesn't really exist anywhere else. With a realized market cap, what we can see is every single UTXO, which is the technical term for Bitcoin on chain, we can see when it was last moved. The marginal seller, the marginal buyer comes exhausted and price dips. But like if price runs up 20 X or 100 X, maybe some people take a little bit off the top and we can see that happen.

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