🔥First time in this cycle: Amount of $BTC BTC at a loss becomes majority

🔴According to Glassnode, 10.83M BTC are at a loss, against 9.22M still in profit. The crossing signal appeared on 4/6, when the price touched $61.3K, and so far the difference shows no signs of reversal.
BTC is currently around $61K, 51% below the all-time high of $126K October 2025.
🔴Why did this signal arrive earlier than in previous cycles?
In 2022, the volume at a loss only surpassed that in profit when BTC had already fallen ~70% from the top. This time, it only took -51% to reach this state.
The reason comes from the fact that many $BTC were transferred in the range of $90K-$120K via spot ETFs and DAT.
-> A moderate drop in price is enough for millions of BTC to start operating at a loss at the same time. But the positive point is that most are in the hands of ETFs and institutions that have not yet sold, even with accounting losses — this is also the reason why $BTC this cycle did not have as violent a dump as the previous one.
🔴What does history say?
Similar previous crossings: 2015 lasted ~1 year, 2019 ~6 months, March 2020 ~1 month, 2022 ~6 months.
These crossings have a common point: All ended thanks to Fed policy reversal or liquidity injection. Now it's the opposite — Warsh maintains a hawkish stance, rate cut expectations have been pushed to 2027, and the market is even betting on a rate hike in October.