Realizing a break even ratio below the 90 day moving average of 1, the market has entered an excessive loss phase

The 90 day moving average of the profit to loss ratio has now fallen below 1, indicating that the market has completely entered an excessive loss phase. Historical data shows that it will take more than 6 months after falling below 1 to recover to above 1, which may reflect the gradual return of market liquidity. （glassnode）