Quite an important chart... BTC It highlights the Long Term Holder Realized Profit/Loss. Wand what stands out is that every previous bear cycle has gone through a prolonged period in the red, an extended phase where holders sit at a loss before any meaningful recovery begins. In contrast, this cycle has only briefly dipped into the red so far. It hasn’t shown the same kind of sustained loss period that we’ve seen in past cycles. Based on this, it suggests that the market likely still needs more time to range, potentially for a few more months, before a stronger move to the upside can develop.(Killa)