bitcoin:native Four-Year Cycle Total Engraving Series (46)

In this bear market, this indicator is still underwater as expected ┌── On-Chain Data Details ──┐ The indicator shown at the bottom of the chart is BTC: Entity-Adjusted Long-Term Holder Realized Profit/Loss Ratio (Entity-Adjusted BTC Long-Term Holder Realized P/L Ratio). It calculates the ratio of total realized profit (USD) to total realized loss in real economic transactions for long-term holders (LTH, entities holding BTC for >155 days). ○ Ratio > 1.0 (Profit-Dominated): Long-term funds selling are mostly in profit. The higher the value, the more intense the bull market, with long-term holders distributing coins to retail investors at high prices. ○ Ratio < 1.0 (Loss-Dominated): Even long-term holders are cutting losses and exiting. Extremely low values typically correspond to deep panic selling at the end of a bear market and cycle bottoms. ○ Crossing 1.0 (Bull/Bear Pivot): When the ratio breaks above or falls below 1.0, it serves as a key signal for assessing macro bull/bear transitions and shifts in market sentiment. Note: In this article, a ratio < 1.0 is referred to as 'underwater.'