Key points:

Bitcoin’s realized cap is beating records and has almost reached the $900 billion mark.

The market is laying the foundations for a “potentially significant price breakout,” new analysis says.

Profit-taking is not hindering the overall bull market rebound.

Bitcoin (BTC) is setting new all-time highs in network value as BTC price action eyes a return to six figures.

Data from onchain analytics platform CryptoQuant confirms new record highs for Bitcoin’s realized cap.

Bitcoin realized cap reflects “growing conviction”

Bitcoin is worth more than ever in US dollar terms if its market cap is measured by the value at which the extant supply last moved onchain.

Known as realized cap, this figure has seen continued all-time highs since mid-April as BTC/USD stages a sustained recovery, and as of May 7 stood at $891 billion.

“Bitcoin has experienced a steady flow of capital inflows in recent weeks, reflecting renewed interest from investors,” CryptoQuant contributor Carmelo Alemán summarized in one of its “Quicktake” blog posts on May 7.

Alemán argued that the realized cap uptrend reflects a long-term market shift across the Bitcoin investor spectrum.

“This new all-time high in Realized Cap not only reflects a surge in invested capital but also a growing conviction in Bitcoin’s long-term potential as a financial asset,” the post concluded. 

“With sustained accumulation from both LTHs and STHs, the market appears to be building a solid foundation for a potentially significant price breakout. If this trend continues, we could be witnessing the early stages of a new bull cycle for Bitcoin.”Bitcoin realized cap. Source: CryptoQuant

BTC capital influx ongoing since 2023

As Cointelegraph reported, concerns remain over the fate of the current market rebound.

Related: BTC dominance due ‘collapse’ at 71%: 5 things to know in Bitcoin this week

Misgivings over profit-taking in particular form grounds to suspect that higher prices may not last — both LTH and STH entities have seized the opportunity to lock in profits, with these averaging $1 billion daily.

In the latest edition of its regular newsletter, “The Week Onchain,” research firm Glassnode nonetheless argues that buy and sell-side conditions are balanced at around $100,000.

“A surge in profit taking can be observed in recent weeks, with the recent rally drawing in over $1B/day in net capital inflows,” it wrote. 

“This points to initial indicators of a return of demand-side strength, allowing sellers to lock in profits, and speaking to buyers willing to pick up coins at the current market price. Generally speaking, this points to a wave of demand which is absorbing the incoming supply.”Bitcoin net realized profit/loss (screenshot). Source: Glassnode

Glassnode added that the quest for profits has, in fact, extended for over 18 months.

“Notably, the market has sustained a profit-driven regime since October 2023, with capital inflows consistently exceeding outflows. This steady influx of fresh capital serves as an overall constructive signal,” it stated.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Almost 60,000 Bitcoin addresses tied to LockBit’s ransomware infrastructure were leaked after hackers breached the group’s dark web affiliate panel. 

The leak included a MySQL database dump shared publicly online. It contained crypto-related information that could help blockchain analysts trace the group’s illicit financial flows.

Ransomware is a type of malware used by malicious actors. It locks its target’s files or computer systems, making them inaccessible. The attackers typically demand a ransom payment, often in digital assets like Bitcoin (BTC), in exchange for a decryption key to unlock the files.

LockBit is one of the most notorious crypto ransomware groups. In February 2024, 10 countries launched a joint operation to disrupt the group, saying that the organization had caused billions in damages to key infrastructure. 

Source: ReyXBF

No Bitcoin private keys leaked

While almost 60,000 Bitcoin wallets were leaked, no private keys were included. One X user shared a conversation with a LockBit operator, confirming the breach. However, the LockBit person said no private keys or data were lost. 

Despite this, analysts at Bleeping Computer said the database contained 20 tables, including a “builds” table. This included individual ransomware builds created by the organization’s affiliates. The data also identified some of the target companies for the builds. 

In addition, the leaked database also included a “chats” table. This table contained over 4,400 negotiation messages between victims and the ransomware organization. 

Related: Crypto crime in 2024 likely exceeded $51B, far higher than reported: Chainalysis

LockBit hack tied to Everest ransomware breach

It’s unclear who was behind the breach and how they got into LockBit’s operations, but Bleeping Computer analysts said the message used in the Everest ransomware site breach matched the one used in LockBit. The analysts suggested that there may be a link between the two incidents. 

The breach highlighted the role that crypto plays in the ransomware economy. Each victim is usually assigned an address to pay their ransom, allowing the affiliates to monitor payments while attempting to obscure ties to their main wallets. 

The exposure of the addresses allows law enforcement and blockchain investigators to track patterns and potentially link past ransom payments to known wallets. 

Magazine: Adam Back says Bitcoin price cycle ’10x bigger’ but will still decisively break above $100K