TokenInsight reports that Bitcoin's Realized Cap has surpassed $393.1 billion, a record high according to Glassnode. It is important to note that the Realized Cap measure has a significant lag, as it reflects the average cost of the market and cannot be used directly to predict future market performance.
Rather than calculating all bitcoins at the current price, the realized market cap is calculated using the market price of each UTXO at the time of its last trade/move.
UTXO - Unspent Transaction Output, is a special bookkeeping structure for Bitcoin. All UTXOs are timestamped with the transaction/block that created them. Since all bitcoins are contained in some UTXO, this means that all bitcoins have an age: not when the first bitcoin was mined, but when it was last used in a transaction.
