CryptoQuant analysis indicates Bitcoin may be nearing the final phase of market capitulation, with the Realized P/L Ratio declining to -0.35 for the first time in 43 months. The metric, which measures the relationship between realized profits and losses relative to total BTC supply, has historically aligned with market bottoms with high precision.
Extreme readings at such negative levels have consistently preceded major Bitcoin price recoveries in past cycles, according to on-chain data tracked by CryptoQuant. The indicator suggests widespread holder losses as capitulation dynamics intensify, a condition that often precedes trend reversals in cryptocurrency markets.
Source:x.com