What you're referring to has a quantitative measure called realized capitalization and if the same was tracked for shitcoins then bitcoin dominance would be much higher than it is. Theres also a bit of value days destroyed sprinkled into what you're talking about. SighI, t's been so long since i cared about these things.

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Bitcoin Bitcoin: Value Days Destroyed Multiple Chart - Glassnode

The **Value Days Destroyed Multiple** compares near-term spending behavior to the yearly average, as a means of detecting overheated and undervalue...