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On June 30, CryptoQuant analyst Axel Adler Jr. announced: "The Bitcoin metric based on Realized Cap Distribution shows how expensive the current price of Bitcoin is compared to the actual investment cost of all holders. Realized Cap is the total dollar value corresponding to the price when all Bitcoins last moved on-chain." The calculation formula is: Bitcoin price / Realized Cap = ratio. Currently, the Bitcoin price is slightly above the annual average ratio level (similar to November 2024, when the ratio was at this level, followed by Bitcoin rising from $74,000 to $107,000). This means that Bitcoin is currently neither overbought nor oversold— the market is in a neutral range." [CoinWorld]

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