On-Chain Data Signals “Excess Loss-Realization” Phase

[encrypted]

According to blockchain analytics firm Glassnode, Bitcoin has now entered what it describes as a full “excess loss-realization regime.”

The 90-day simple moving average (SMA) of Bitcoin’s realized profit/loss ratio has fallen below 1 — a key threshold confirming that losses are dominating realized gains across the market.

Meanwhile, short-term holder net realized losses peaked earlier this month at $1.24 billion per day before cooling to roughly $500 million daily on a seven-day moving average basis. While the intensity of selling has eased, analysts say the broader market structure remains under pressure as part of a potential base-formation phase.

Historically, such regimes often precede longer-term recoveries — but only after volatility and capitulation fully play out.

[johnblockbuster]

500m daily losses is technically less bad congrats everyone