According to @glassnode, Bitcoin’s Relative Unrealized Loss is at 0.5 percent, far below the greater than 30 percent readings typical at bear market extremes. Source: Glassnode. @glassnode adds that this reinforces most BTC holders remain in profit despite growing short-term stress, based on its historical threshold. Source: Glassnode. For traders, this on-chain signal indicates the market is not exhibiting the capitulation loss profile seen at cycle bottoms per Glassnode’s historical data. Source: Glassnode.