BITCOIN IS BUILDING THE NEXT BASE -- NOT ROLLING OVER

On-chain data says we’re still in bottom formation, not recovery -- and that’s actually constructive.

The 30D Realized Profit/Loss Ratio hasn’t flipped yet, meaning this isn’t a hype-driven bounce. There’s no panic selling either, just consolidation and time.

This is how durable bases form. Price chops -> Weak hands leave -> Structure resets.

Bitcoin doesn’t explode higher the moment sentiment feels bad, it moves after patience does its work.

When the data turns, it won’t be subtle. Until then, this is foundation-building, not failure.

📸 RugaResearch