Momentum Short-term Cap, an experimental metric developed by BinhDang, offers a nuanced view of the cryptocurrency market by comparing Market Cap and Realized Cap. This ratio, calculated by dividing the difference between these two metrics by the total Realized Cap of short-term cohorts, effectively highlights short-term value changes in assets.

Currently, the ratio has returned to the WARM phase, indicating a moderate recovery. Despite less favorable psychological impacts and slow macroeconomic changes, the potential for rapid momentum remains. Once macro conditions stabilize or improve, the metric is expected to reach its peak, signaling the final top of this cycle. The market outlook remains optimistic.