BTC In every previous cycle, BTC formed its bottom while long-term holders were sitting at a loss. This cycle, however, that hasn't happened yet. In fact, the current LTH NUPL reading is at a level that has historically been seen around the middle of a cycle rather than at the final bear market bottom. Does that mean BTC has to go lower? Not necessarily. But it does show that, from an on-chain perspective, the current cycle still looks very different from previous bear market bottoms.(Max Trades)