"Supply-related" metrics also need to be interpreted differently after the approval of spot Bitcoin ETF. Both Loss Supply and Profit Supply are updated whenever even a $1 loss or profit is realized. In the past, many analysts interpreted these metrics by drawing horizontal threshold lines based on historical ranges. Using that framework, the current level may appear to represent a clear market bottom. "But what if Loss Supply continues to increase from here?" I believe that is entirely possible in this cycle. If that happens, a framework built solely on historical horizontal thresholds will no longer be sufficient. Just as MVRV requires a new framework, Supply-related metrics also need to be evaluated using new standards. The approval of spot Bitcoin ETF has fundamentally changed the market structure, and on-chain transaction patterns have changed along with it. This is a structural shift that should not be overlooked.(mignolet)