BlockBeats News, September 7 - CryptoQuant analyst Axel Adler Jr. stated that Bitcoin's Realized Cap, after 87 consecutive days of negative growth, turned positive again on August 24 and rose to +0.88% by September 6, indicating that BTC's on-chain capital base is recovering.

Bitcoin's Realized Cap currently stands at approximately $1.068 trillion, having increased by about $9.36 billion over the past 30 days, and continued to rise even as BTC fluctuated around $80,000 recently. Axel Adler Jr. noted that this suggests the previously contracting Realized Cap is improving. However, the metric also briefly turned positive in May before falling back again, so it remains to be seen whether capital growth can be sustained.

Meanwhile, Bitcoin's Realized Premium Z-Score dropped from 4.17 during BTC's rally on August 19 to 0.90 by September 6, though it remains in positive territory. Axel Adler Jr. stated that the pullback in the metric does not necessarily mean the price trend has weakened, as new price levels gradually enter the calculation, making their deviation from the 28-day average naturally less extreme.

Overall, current on-chain signals are leaning positive but have yet to confirm a sustained bull market: Realized Cap is growing while BTC maintains its prior gains. If the 30-day Realized Cap change continues to hold positive territory alongside further expansion of Realized Cap, it would further support the continuation of the recovery; however, if the metric falls back below zero, it would undermine this assessment.