💸 Bitcoin’s Net Realized P/L has plunged by 97% and returned to zero — a highly sensitive signal in the market cycle. The last time this occurred was in June 2022, right before Bitcoin collapsed from $30,000 to $16,000.

At the moment, whales are still sitting on solid unrealized profits (roughly a 25–80% buffer), which explains why there is no panic selling yet. However, the concerning part is this:

👉 The market is being “held up” not by strong buying demand, but by the absence of sellers.

This suggests the market is in a fragile equilibrium:

➖ If selling pressure returns, the risk of a sharp breakdown is high

➖ If fresh capital fails to enter, the market could slide into a liquidity exhaustion phase

A familiar setup seen before major volatility events. ☕️ #BTC #Bitcoin #BTCPriceAction #Write2Earn #BinanceSquare $BTC

BTCUSDT

Perp

89,548.2

+1.33%