, the constraint experienced depicts that of slow and steady liquidity, similar to the 2016 and 2019/2020 periods.One area the on-chain analytic platform considered in explaining the above was the realized cap. For context, the realized cap measures the estimated cost of acquiring Bitcoin compared to the last price traded.The Glassnode data went ahead to compare the realized cap in 2020 into 2022 to the current one.
Another aspect that revealed BTC’ tight trading condition was the Bollinger Bands range. This range uses the default period and standard deviations to determine whether prices are high or low on a relative basis.
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