Glassnode: The realized profit-loss ratio of Bitcoin has dropped to about 1.5, and if it falls below 1, it may trigger a capitulation sell-off

According to glassnode, the realized profit and loss ratio of Bitcoin (90-day simple moving average) has been on a continuous downward trend (currently around 1.5), gradually approaching 1, reflecting the increasingly depleted market liquidity conditions.

Historically, if this indicator continues to fall below 1, it is usually accompanied by a widespread capitulation sell-off—where the realized losses across the entire market will exceed profit-taking activities.