Definition. This chart shows the aggregate realized valuation 🔴 of the largest and most dominant assets in the digital asset industry, alongside its individual components: the Realized Caps of BTC 🟠 and ETH 🟣, and the circulating supplies of the major stablecoins USDT 🟢, USDC 🔵, BUSD 🟡 and TUSD 🔘. Together these assets account for a dominant majority of total market value.

Technical. The aggregate is the sum of the network assets' realized caps and the stablecoins' supplies (valued at face value):

• Aggregate Realized Value = BTC Realized Cap + ETH Realized Cap + USDT Supply + USDC Supply + BUSD Supply + TUSD Supply

The realized cap is used for the major network assets as it is a more accurate depiction of true net capital inflow/outflow from the market: Realized Cap values each coin at the last transacted price, and thus accounts for relative coin liquidity, and filters out purely speculative trading occurring off-chain.

Interpretation. This aggregate acts as a measure of the total capital actually invested in the digital asset market, rather than its mark-to-market valuation. Sustained uptrends indicate net capital inflows — coins being revalued higher as they change hands, or new stablecoin capital being issued — while declines indicate net capital destruction as coins are spent at prices below their acquisition cost, or stablecoins are redeemed. Watching the individual components reveals which leg is driving the trend: stablecoin supply growth reflects fiat capital entering in a risk-neutral form, while rising network-asset realized caps reflect capital being deployed into the volatile majors.

Notes. Built from Realized Cap and Circulating Supply. The relative shares of this aggregate are charted in Aggregate Market Realized Value (Dominance), and its 30-day flows in Aggregate Market Realized Value Net Position Change.