CryptoQuant: The net realized profit and loss of Bitcoin has significantly fallen back to around 0, warning of a 50% decline in Bitcoin during the last cycle

CryptoQuant analyst @AxelAdlerJr stated that the net realized profit and loss of Bitcoin has recently dropped by 97%, returning to near zero. The last time this occurred was in June 2022, after which Bitcoin fell from $30,000 to $16,000.

@AxelAdlerJr pointed out that at the current price level, whales are still profitable (with a buffer of 25%-80%), so there is no panic yet. However, it is not buyers that are supporting the market, but rather the absence of sellers.