#Onchain #BTC

🐻 CryptoQuant: BTC bottom is still far away, according to PnL Index Signal.

➟ No euphoria.

➟ No capitulation.

PnL Index Signal is an on-chain CryptoQuant indicator that shows how far the BTC market is in the profit or loss zone relative to its 365-day average. When the signal grows and stays above zero, it usually indicates the strengthening of the bullish phase, when it falls below zero - the weakening of demand, the fixation of profits and the transition of the market to a more risky mode.