$BTC We often see charts contrasting the evolution of supply in profit versus supply in loss.

This chart represents another aspect of that dynamic. It shows the percentage of unrealized profit and loss, which is ultimately a ratio.

—> Today the global average (mean) percentage of unrealized profit sits at ~81%.

We’re far from that today, as the percentage of unrealized profit currently stands at 65.8%.
Unrealized losses are thus estimated at 34.2%.

This means the market is currently supported by more profit held than losses.

That said, profits continue to decline.

It’s also interesting to note that in past bear markets, we’ve always reached a point where unrealized losses became greater than the share of profit held.

Remains to be seen whether this cycle will be the exception…