Bitcoin's Realized P&L Ratio Falls to 43-Month Low, Signals Potential Bottom

BTC1.83%
According to CryptoQuant, Bitcoin's realized profit and loss ratio fell to -0.35 on June 25, marking a 43-month low and one of the deepest realized-loss phases since FTX collapsed in late 2022. The indicator, which measures the net share of bitcoin supply moving in profit or loss, has historically marked major cycle bottoms with high accuracy. Bitcoin declined to $58,190 in late June following a 50% drawdown from its October 2025 high of $126,080 but has since recovered over 7%. Bitwise Chief Investment Officer Matt Hougan said stress-related selling helped remove risk from the market, adding "the bottom is closer than ever." Swan Bitcoin analyst Adam Livingston noted BTC is trading only 16% above its realized price, the network's aggregate cost basis, with similar levels historically followed by 41% gains over six months.
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