Headline: On-chain Realized Cap shows biggest monthly outflow since 2022 — BTC/ETH driving the sell-off On-chain data compiled and shared by Glassnode analyst Chris Beamish on X reveals a sharp reversal in crypto capital flows: the monthly change in the sector’s Realized Cap has plunged to its deepest negative reading since the 2022 bear market. Why Realized Cap matters - Realized Cap values each coin at the price it last moved on-chain, so it effectively sums investors’ acquisition cost across the circulating supply. That makes it a useful proxy for net capital invested in an asset or sector. - When Realized Cap rises, capital is entering an asset; when it falls, capital is leaving. What the data shows - The crypto ecosystem’s inflows and outflows largely route through three buckets: Bitcoin, Ethereum and stablecoins. Investors typically funnel new capital into BTC/ETH/stables before rotating into riskier altcoins, and do the reverse when exiting (selling alts into BTC or stablecoins). - Through most of 2025, the monthly Realized Cap netflows for those primary assets were positive, signaling consistent capital inflows into the sector. - That trend flipped in December 2025. Since the market worsened further in 2026, outflows have accelerated month-to-month, with the indicator now at its most negative (reddest) level since the 2022 bear market. - Breakdown: the recent outflows appear driven largely by the combined Bitcoin + Ethereum Realized Cap, while stablecoins have stayed roughly neutral on net. What it implies - The plunge in realized capital suggests a broad pullback in investor demand for core crypto assets rather than a simple rotation into stablecoins. Heavy net selling in BTC and ETH can presage weaker risk appetite across the market and pressure on altcoins that rely on capital rotation. - Stablecoin neutrality indicates investors aren’t uniformly shifting into cash-like tokens yet; instead, value is being removed from BTC/ETH positions themselves. Market snapshot - At the time of the report, Bitcoin was trading near $67,100, roughly 1% higher on the week. Bottom line: on-chain measures like Realized Cap are signaling a notable reversal in capital flows, with BTC and ETH seeing the largest outflows in monthly terms since the last major bear market. Traders and analysts will be watching whether this trend stabilizes or deepens as 2026 unfolds. Read more AI-generated news on: undefined/news

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