Bitcoin's 'realized cap' holds at record high over $1 trillion, casting doubt on four-year cycle

A very supportive macro backdrop is being ignored for now, said Bitwise's Andre Dragosch. What to know : Bitcoin’s so-called realized capitalization is at a record $1.125 trillion, continuing to rise through this recent 36% price correction. Bitwise’s Andre Dragosch argues bitcoin is underpricing a supportive macro backdrop, with resilient growth and a more dovish Fed potentially driving further upside and undermining the four-year cycle framework.