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Calm on the surface, turbulent underneath—I've seen this kind of script before.
30D SMA of Net Realized PnL turned positive again at 0.003% of market cap — meaning traders are back to locking in profits instead of panic selling 📈🟢
What stands out even more:
• February’s low at -0.027% was extremely shallow compared to brutal 2022–2023 capitulation levels.
• Sellers got exhausted fast.
• The correction looked more like a reset than a full bear cycle.
• Momentum is quietly rebuilding under the surface.
This is exactly how strong markets recover — short pain, fast absorption, then continuation ⚡️
I'm watching closely because sentiment still feels underexposed while on-chain data keeps improving.
If momentum keeps stacking like this… the next expansion phase could arrive sooner than most expect 🚀
#GateSquareMayTradingShare