I noticed an interesting metric from chain analysts — relative unrealized losses. It turns out this shows what percentage of a coin's market capitalization is in loss. Looking at the current figures: SOL holds 54.8%, ETH at 16.6%, BTC is more modest at 11.9%.

This indicates something interesting. Altcoins like Solana have much larger losses, which means there are many positions opened near local peaks. People bought at the highs and are now sitting in the red. Bitcoin, on the other hand, has a calmer situation, hinting at a more distributed entry distribution.

Overall, when you see such asymmetry in losses between BTC and altcoins, it becomes clear — the market hasn't fully processed all positions at the peaks. It's interesting to watch how this will develop further.