Market conditions have shifted back into a loss dominated phase, with the 3D SMA of Net Realized Profit and Loss falling to around -$317M per day, a level last seen in December 2022. Stressed sellers are once again setting the tone. Liquidity continues to fade, participation is thinning, and the market is moving into a period where patience is being tested. Until demand and activity recover, price action is likely to remain fragile and reactive rather than trend driven.