[Analysis: Bitcoin Net Realized Profit/Loss Negative for Five Consecutive Months, $48K-$56K Becomes Core Support Range] CryptoQuant analyst Axel Adler Jr. released a report indicating that Bitcoin's net realized profit/loss (90-day MA) has been negative for the fifth consecutive month, with the current reading at -$203.2 million. This suggests the market is systematically locking in losses, consistent with the early stages of past bear market cycles. However, the cost basis of holder groups shows that the core support lies in the $48,000-$56,000 range. Based on the cost basis of different groups, whales (10,000+ BTC) are at $48,100, small addresses (10-100 BTC) at $47,800, and large wallets (1,000-10,000 BTC) at $56,500, all still below the current price. Only the 100-1,000 BTC group ($65,700) is in a loss position, making it the primary source of current loss-driven selling.