Bitcoin’s market capitalization reached an all-time high in late May, touching $2.22 trillion before retreating to $2.13 trillion at the end of June.
But while the price of the headline has shaking, a closer look at Bitcoin’s full valuation stack reveals a deeper, more resilient capital inflow layer. The realised Delta and Thermocap expanded throughout the first half of 2025, pointing to sustainable investments, even as spot prices cooled from euphoric levels.
These alternative capitalization measures are important to understand what is happening beneath the surface of Bitcoin prices. Market capitalization is simply the distribution supply multiplied by the spot price. It provides a snapshot of value, but is very responsive and does not take into account the amount of capital that actually enters the network.
In contrast, the realized cap adds the value of each coin at the last moved price, allowing you to see how much the holder paid to BTC. Deltacaps subtract low-cost coins early from the equation and focus on what can be considered “risk capital.” Thermocap represents the cumulative dollar cost of issuing Bitcoin and summarises what was paid to miners to secure a network.
The realised cap hits new highs every day
As of June 30th, the Bitcoin realization cap was $95.801 billion, up from the beginning of the year’s $8129.5 billion. This $145 billion increase is particularly noteworthy as it reflects newly acquired coins moving in chains at a higher price. Unlike its market capitalization, which has dropped slightly since its peak in May, CAP continues to climb almost uninterruptedly, setting new highs every day throughout most of the second quarter.
The meaning is clear. Coins are earned at a high price and are held rather than sold. It also shows that market cooling does not dissipate demand and capital is still flowing.
Delta Cap tracks agency bids
Delta Cap, which earned early cycle coins by subtracting the average cap from the realized cap, also showed strong growth. It rose from $5724.2 billion to $6676.7 billion in the first six months of the year, up from $5724.2 billion, or nearly 17%. This gradient of growth follows the inflow of spot Bitcoin ETFs, particularly into BlackRock and Fidelity’s funds.
Deltacap is designed to track recent and more recent capital, so its steady rise suggests that purchasing pressure will result in pressure from fresh participants entering the market with confidence, not from recycled retail coins. This helps explain why the late March sale, which saw its market capitalization exceeding $350 billion, has come to fruition, leaving the Delta Cap almost untouched. The surrender came from more liquid coins, not core holdings, if it was even called it.
MVRV cooling will not collapse
Market Cap (MVRV) ratio is often used to track how “overheated” the market is. This gauge opened for the year at 2.30 and is currently around 2.23. During the March revision, I was soaked at a low 1.82. This is the level updated in the previous cycle. At the current level, MVRV suggests that the market has not been over-expanded, but still firmly above its long-term average of 1.5.
The key point is that Bitcoin price growth is supported by a proportional increase in capital realized rather than a speculative bubble. In previous bull markets, MVRV pushes a prominent period of extreme vibrancy above 3.5. This cycle remains relatively restrained despite being breached by a new high above $111,000.
Thermocaps are over $80 billion, but still look cheap
Thermo Cap is a measure of cumulative minor revenue in the dollar, and was often overlooked in the Bitcoin valuation. It currently reaches $80.6 billion from $726.9 billion at the beginning of the year. The increase may seem modest, but it’s worth noting considering that the half-half of last April reduced block rewards in half.
This metric also helps in the context of Bitcoin’s current market value. As of June 30th, the market capitalization and thermocap ratio is 26.45. This means it is worth about 26 times the total amount the network paid to miners. This ratio rose above 40 during the previous cycle peak, indicating that the market is not yet overpaid for security.
Fee revenues in May and early June helped ease the decline in issuances after half. This has led to the rise of the Thermocap until 2025. The result is a network that remains economically sustainable for miners, leaving plenty of space before valuations grow.
Spot prices are slower, but cap metrics refer to accumulation
Taken together, these metrics indicate mature markets. Price pulled back from the peak, but neither the realization nor the delta cap rewind, and the thermocap continued to have a stable upward grind. The capital structure under Bitcoin appears to be more robust than previous cycles, strengthened by influx of systems, long-term holder convictions, and a more sustainable model of mining.
This structural strength is even more convincing given the context of macro uncertainty and changes in fluidity. Traditional financial influx, like ETF Creations, are appearing in chains in ways that strengthen the Bitcoin valuation foundation rather than destabilize it. This is particularly prominent in Delta Cap’s YTD performance, closely coinciding with the inflow of net ETFs and on-chain acquisition of newly issued supply.
The decline in MVRV further strengthens the idea that despite record market cap in May, this Bull Run is not lacking in speculation, but not supported by leverage, but actual investments.
Bitcoin’s first half of 2025 reveals a market that has evolved past adolescence. Behind all price swings is a slower, more stable foundation than the value drops. The realised delta, Thermocap, all point to a lasting belief in Bitcoin’s long-term narrative, without the blow-off bubble that marked the previous top.
Post-Bitcoin shows that the accumulation of market capitalization first appeared in silent strength encrypted under price action.
