The 7D-EMA of Net Realized Profit & Loss for recent investors plunged to –$1.24B/day on Feb 06, before moderating to –$0.48B/day today. While the intensity has cooled, the broader regime still signals a market under pressure, with participants in the base formation phase continuing to capitulate. 📉 http://glassno.de/4cadTHO(glassnode)