The cryptocurrency market continues its downward trend, with Bitcoin leading the pack in losses. In the past 24 hours, BTC has dropped by 4.58%, a stark contrast to previous years when similar metrics were seen.
The Glassnode post highlighted that for the past three months, the average holder was selling Bitcoin at a loss, as indicated by the 90-day realized profit/loss ratio being below 1. This is not just a sign of short-term losses but also suggests a transition to a market extreme.
The NUPL (Net Unrealized Profit/Loss) metric has been falling since October 2025, indicating that there is less pressure on Bitcoin from profit-taking. However, the ratio needs to fall below 0 for investors to consider it as an onchain buy signal. In the meantime, value buyers are likely to enter the market when the market cap falls significantly from the realized cap.
While some investors might be waiting for a rebound, data suggests that another six months of bearish price action is ahead. By keeping an eye on the NUPL and realized profit/loss ratio, they can prepare themselves for potential opportunities to buy Bitcoin near the bottom.