Short-term Bitcoin holders are now realizing losses

at the biggest level in history.

Let that sink in.

Not 2022. Not COVID. Not FTX.

RIGHT NOW. June 2026.

The data:

→ Short-term holder realized P&L ratio: new all-time LOW

→ Long-term holders: 5.3 million BTC underwater

→ That's MORE than post-FTX levels

→ More than COVID crash levels

BTC is down 53% from its October 2025 peak.

Down 30% year-to-date.

Down 20% in ONE week.

$2.5 trillion erased from crypto since October.

And yet —

On-chain metrics are showing something unusual.

The percentage of BTC holders in profit just hit a long-term trendline

that has marked major cycle lows in every previous drawdown.

Every. Single. One.

Two possibilities exist right now:

📗 This trendline holds again → historic buying opportunity

📕 This time is different → more pain ahead

History says buy.

Macro says wait.

Which one do you trust?

#Bitcoin #BTC #CryptoMarket #OnChain #BinanceSquare #MacroCrypto