The Bit Tiger Diary: The profit loss ratio has just broken the ice, but the real freezing point is still behind Brothers, today I took a look at Glassnode's realized profit and loss ratio (90 day moving average), which is a bit interesting. This indicator is straightforward: on average, people who sell coins on the chain make a profit or lose. The green area represents profitable trades running, while the red area represents losing trades cutting. Data does not lie: Looking at history, every real bear market bottom has an iron law - the profit to loss ratio will deeply fall below the 1 line and enter the red zone for a long time. In 2015, 2019, and 2022, the bottom was repeatedly ground in the red zone That means there are basically only meat cutting plates left in the market, and the profitable ones have already run out Now then? Although rapidly falling from a high position, it has just reached the equilibrium line of 1.0. To put it simply, although the market is cooling down, it is far from reaching the level of 'complete surrender'. This is more like a 'halftime break' from the top of a bull market, rather than a 'final whistle'. The truly despairing moments are often accompanied by this line deeply piercing into the red zone and lying flat there for a long time. Trader's intuition: The most important thing in a bear market is not to rush for a rebound, but to confirm despair. Only when the data on the chain tells you that 'the streets are full of meat cutting sounds', is it the time for us to seriously consider. At this stage, the competition is about patience and discipline. The market has its own rhythm, and we haven't heard the 'clang' of everyone surrendering together yet. Continue to observe and wait for the appearance of the red pit. Bitcoin BTC on chain data trader's daily routine