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Analysis: Bitcoin's realized profit/loss ratio hits a 43-month low
Deep Tide TechFlow news, July 4, according to Cointelegraph, CryptoQuant data shows that Bitcoin's realized profit and loss (P&L) ratio has dropped to -0.35, hitting a 43-month low. The last time this level was seen was in December 2022 after the FTX collapse when Bitcoin fell below $16k. This indicator measures the net profit/loss percentage relative to Bitcoin's total supply, and historically, after falling below -0.35 in 2015 and 2019, prices rebounded.
Currently, Bitcoin's price is only 16% above its on-chain cost basis. Historical data shows that after this level, the average returns over the next 6 and 12 months are 41% and 81%, respectively. Bitwise Chief Investment Officer Matt Hougan said the market bottom is "closer than ever," while Swan Bitcoin analyst Adam Livingston advised investors to take advantage of discounts to buy instead of waiting for an unpredictable bottom.