Definition. This chart shows the aggregate 30-day Net Position Change of the largest and most dominant assets in the digital asset industry. Net capital inflows can occur either via uplifts in the Realized Cap of the major network assets (BTC and ETH), or via growth in stablecoin supplies (USDT, USDC, BUSD and TUSD). Traces are shown for:

• 🟢 Positive capital inflows
• 🔴 Negative capital outflows
• 🟠 Total capital flows for network assets (BTC + ETH)
• 🔵 Total capital flows for stablecoin assets (USDT + USDC + BUSD + TUSD)

Technical. 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. The flows are 30-day differences of the aggregate and its component groups:

• Net Position Change = diff(Aggregate Realized Value, 30), split into positive 🟢 and negative 🔴 columns
• Network Asset Flows = diff(BTC Realized Cap + ETH Realized Cap, 30) 🟠
• Stablecoin Flows = diff(USDT + USDC + BUSD + TUSD Supplies, 30) 🔵

Interpretation. This chart distinguishes regimes of capital entering the market from regimes of capital exiting it. Extended periods of positive net position change describe inflow regimes that have historically accompanied bull markets, while deeply negative readings mark capital destruction during capitulation phases. Comparing the two component traces shows the character of the flow: stablecoin-led inflows reflect new fiat capital arriving in risk-neutral form, whereas network-asset-led inflows reflect coins being revalued as they change hands at higher prices.

Notes. The underlying aggregate is charted in Aggregate Market Realized Value, and its composition in Aggregate Market Realized Value (Dominance). Built from Realized Cap and Circulating Supply.