So with a market cap of ~$1.3T, if $0.6T have been spent in all time the Bitcoin network delivers a 2.2 : 1 return on investment over the long term. Nice. Quite different from the 50x or 100x multiplier numbers you see thrown around.
Discussion
recent uptrends in the realized cap metric imply activity at the current price level
so 65k is becoming a new baseline