Ethereum (CRYPTO: ETH) has outperformed Bitcoin (CRYPTO: BTC) in July, rallying over 53% from $2,398 to $3,850. While some attributed this surge to capital rotating out of Bitcoin, on-chain data tells a different story.
What Happened: CryptoQuant data shows that Bitcoin’s Realized Cap reached an all-time high of $1.018 trillion on July 25.
This key metric, reflecting the total capital invested in Bitcoin based on the price of coins when they last moved, confirms that capital is continuing to flow into …