Bitcoin Realized Profit/Loss Reveals Underlying Structural Shift — What’s Happening?
Bitcoin is experiencing a significant structural shift, as indicated by on-chain data showing a net realized loss on a 30-day basis for the first time since October 2023. Unlike the short-lived losses of 2023, the current decline is broader and more persistent, suggesting a change in market dynamics. Investors appear cautious, showing less interest in buying the dip or holding through price fluctuations, and are more willing to accept losses.
Additionally,ized profits have sharply declined, dropping from 1.2 million BTC in March 2024 to 517,000 BTC by July 2025, with a further contraction to 331,000 BTC by October. This decline occurred despite rising prices, indicating a lack of strong upward momentum. These trends resemble patterns observed during the late-stage bull market of 2021-2022, which preceded a bearish turn. Bitcoin is currently transitioning from a mature bull phase to a more volatile environment, with its price at $89,462 at the time of writing.
bitcoinist01/24 21:32