Bitcoin 90-day realized profit and loss ratio has been below 1 since February 21, maintaining an excess loss realization state.

BTC0.23%
Gate News Report, March 11 — According to data from the crypto analytics firm Glassnode, the 90-day realized profit and loss ratio (90D-SMA) for Bitcoin has remained below 1 since February 21, indicating a sustained state of overall realized losses. Historical data shows that after this indicator drops below 1, it typically takes more than six months to recover, during which market liquidity remains in a waiting phase for a return.
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