Set a low level of injected market funds in the first two waves of this round over the past 30 days The Realized Cap 30d Net Change of Bitcoin is an on chain indicator that acts as a "cash flow meter", reflecting in real-time the inflow and outflow of real funds in the Bitcoin network Simply put, this indicator tells us whether investors have injected funds into this market or withdrawn funds in the past 30 days Positive value (rising): indicates that the price of the coins at the time of resale is higher than the price when they were last moved. This means that new funds are entering the market, absorbing selling orders and raising overall market holding costs. This is usually a characteristic of bull or rebound markets Negative value (falling): indicates that the price of the coin at the time of resale is lower than the price of the last movement (i.e. investors are losing money and cutting meat). This means that funds are flowing out of the network, or the market lacks sufficient buying demand to support transactions at high levels. This usually occurs during bear markets or intense washout periods Intense positive peak: often occurs in the middle and later stages of a bull market. At this time, a large number of profit taking orders are flowing out (old coins are moving), and the newly entered "buyers" are taking over at extremely high prices, leading to a surge in the realized market value. If this value is too high, it may indicate that the market is overheated Breaking below the zero axis and continuing to decline: This is a signal of "Capitulation". When the indicator turns from positive to negative, it indicates that the market has entered a loss exit stage, and the sentiment has changed from optimism to pessimism The realized market cap is different from the general market cap, as it is not calculated by multiplying the current market price by the supply, but by the price at the last movement of each coin Therefore, the net change on the 30th actually reflects the degree of fluctuation in the average holding cost (Cost Basis) of investors across the entire network over the past month To sum up, you can consider it as the 'blood total change' of the Bitcoin market If the value is increasing, it indicates that the market is "replenishing blood" and the market has support; If the value is shrinking, it indicates that the market is "bleeding". Even if the price is rising, it may only be a short covering or a virtual increase lacking momentum