On April 18, according to Cointelegraph, Bitcoin achieved a market value of US$872 billion, a record high. But Glassnode data shows that investors are still not enthusiastic about the current Bitcoin price level. It said that despite the record high in market capitalization, the indicator's monthly growth rate has dropped to 0.9%, showing that the market is in a "risk aversion" sentiment.

The market value of the realization measures the total value of all Bitcoins calculated at the price at the last transfer, reflecting the actual capital invested, and can be used to observe the economic activity of Bitcoin. Its slowdown in growth indicates that capital inflows are still positive, but have decreased significantly, suggesting a decline in the number of new investors or the weakening of activity among existing holders.

In addition, the Realized Profit and Loss chart of Glassnode has seen a 40% drop recently, indicating a large profit-taking or stop loss behavior in the market. The ratio of market value to actual value of Bitcoin short-term holders is still below 1, a level historically related to buying opportunities, further proving that short-term holders are in a loss state.