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Breaking News: UNI Rallies 10% As BlackRock Brings Treasury‑Backed BUIDL Token To Uniswap
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Breaking News: UNI Rallies 10% As BlackRock Brings Treasury‑Backed BUIDL Token To Uniswap

Bitcoin Not “Pumpable” Right Now, Says CryptoQuant Founder: Here’s Why

Keshav Verma
Keshav Verma
Last Updated: February 11, 2026 6:00 am
3 mins read
Bitcoin

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The founder of CryptoQuant has explained that Bitcoin is not “pumpable” right now based on the divergence in the Market Cap and Realized Cap.

Bitcoin Market Cap Fell Even As Realized Cap Grew

In a new post on X, CryptoQuant founder Ki Young Ju has talked about the difference in growth that the BTC Market Cap and Realized Cap have witnessed over the past year.

The Market Cap here is just the total value of the cryptocurrency’s supply at the current spot price. The Realized Cap is also a model to calculate BTC’s total valuation, but it doesn’t take such a simple approach. This on-chain capitalization model assumes that the ‘real’ value of any coin in circulation is equal to the spot price at which it was last transacted on the blockchain.

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In short, what the Realized Cap signifies is the amount that the Bitcoin investors as a whole have put into the cryptocurrency. In contrast, the Market Cap represents the value that they are holding in the present.

Generally, changes in the former, which can be thought of as capital inflows/outflows, result in changes in the latter. Below is a chart that tracks how the Market Cap is reacting to fluctuations in the Realized Cap.

Bitcoin Market Cap Vs Realized Cap

Looks like the value of the metric has been negative in recent weeks | Source: @ki_young_ju on X

As displayed in the graph, the growth rate difference between the Bitcoin Market Cap and Realized Cap was positive in mid-2025, suggesting that the Market Cap was going up faster than the Realized Cap. This changed in the last quarter of the year, however, with the indicator dropping into the negative zone as the market observed a crash.

2026 has only seen the metric drop deeper as the price decline in the cryptocurrency has continued. “Bitcoin is not pumpable right now,” noted Young Ju. The CryptoQuant founder has pointed out the contrast in market dynamics between 2024 and 2025 to showcase his point.

In 2024, a $10 billion increase in the Realized Cap was enough to cause a $26 billion jump in the Market Cap. Over the course of 2025, a whopping $308 billion in capital flowed into the asset, yet the Market Cap actually fell by $98 billion. “Selling pressure is too heavy for any multiplier effect,” explained the analyst.

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In some other news, New Whales on the Bitcoin network have been capitulating recently, as CryptoQuant community analyst Maartunn has pointed out in an X post.

Bitcoin new Whale Losses
The Realized Profit/Loss of the New and Old Whales | Source: @JA_Maartun on X

“New Whales” are the investors who entered the market within the past 155 days and are holding more than 1,000 BTC in their balance. During the recent price drawdown, this cohort took massive losses, including a loss-taking spike of $1.46 billion on February 5th.

BTC Price

At the time of writing, Bitcoin is floating around $68,500, down over 12% in the last seven days.

Bitcoin Price Chart
The price of the coin has bounced since last week’s low | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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