Bitcoin’s realized profit and loss ratio has fallen to a 43-month low of -0.35, placing the market in one of its deepest realized-loss phases since the collapse of FTX in late 2022. The realized P&L ratio measures the net share of bitcoin supply being moved in profit or loss compared with total supply. A deeply negative reading means a larger part of the market is realizing losses, often during periods when weak holders are selling into stress rather than strength. The latest reading is significant because the indicator has not fallen this low since December 2022, shortly after FTX collapsed and bitcoin traded ... (full story)