Bitcoin’s realized market capitalization crossed the $1 trillion threshold for the first time, per Glassnode.
Bitcoin (BTC) pushed higher in early Asian trading on Monday, trading above $119,430, as bullish momentum continued to build following a series of significant institutional milestones and a breakthrough trade agreement between the United of States and the European Union over the weekend.
In a major development for global markets, US President Donald Trump and European Commission President Ursula von der Leyen announced a framework trade agreement at a summit in Turnberry, Scotland.
The deal sets a 15% US import tariff on EU goods, a significant de-escalation that averts a previously threatened 30% rate.
The agreement also includes a commitment for $600 billion in EU investment into US energy and defense sectors over the next three years, a move aimed at reducing Europe’s reliance on Russian fuel.
However, existing tariffs on steel and aluminum will remain at 50% for the time being.
This easing of transatlantic trade tensions has provided a positive backdrop for risk assets, including cryptocurrencies.
Bitcoin is up 1.24% in early Asian hours, and the CoinDesk 20 (CD20) Index, a broad measure of the largest digital assets, has risen 2.37% to 4,099.18, extending its recent recovery.
The positive macro news comes as Bitcoin continues to consolidate its recent gains, holding steady above the $118,000 mark after hitting a new record high of $122,700 last week.
This powerful rally has triggered some predictable selling from long-term holders, while simultaneously drawing in new buyers and fresh capital, creating a dynamic market environment.
A key indicator of the market’s growing maturity and value was highlighted by on-chain analytics firm Glassnode, which reported that Bitcoin’s realized market capitalization had crossed the $1 trillion threshold for the first time.
This metric, which measures the total value of all Bitcoin based on the price at which each coin last moved on-chain, is seen as a more fundamentally grounded valuation than the simple market cap.
Further evidence of the massive scale of institutional activity came to light on Friday, when Galaxy Digital announced it had executed a staggering $9 billion BTC transaction on behalf of a Satoshi-era investor.
The sale, which involved 80,000 BTC, was reportedly part of an estate planning strategy and represents one of the largest single Bitcoin transfers in history.
The fact that the market was able to absorb this massive sale without a significant price downturn is seen by many as a testament to how much of the Bitcoin supply is illiquid, held tightly by long-term “HODLers.”
A market on the verge of a supply-shock rally, it seems, can readily absorb an extra $9 billion being placed up for sale.
As Bitcoin’s price has climbed, its dominance, which measures its market share relative to the total crypto market, has edged down slightly to 60.98%. This suggests a modest rotation of capital into altcoins as traders’ risk appetite grows.
