Bitcoin Onchain Metrics Turn Negative as BTC Slips Below $90K

[madmax]

Bitcoin’s drop below the $90,000 level has pushed key onchain profitability metrics into negative territory, raising fresh concerns that BTC may be entering an early-stage bear market. New data from CryptoQuant shows that investors are now realizing net losses for the first time in more than two years, a shift that often signals weakening market momentum.

According to CryptoQuant, Bitcoin’s net realized profit/loss over the past 30 days fell to 69,000 BTC, marking a clear transition from profit-taking to loss realization. Annual realized profits have also dropped sharply, declining from 4.4 million BTC in October to 2.5 million BTC — levels last seen in early 2022. Analysts note that while similar patterns preceded past bear markets, onchain signals can sometimes give false alarms during prolonged consolidation phases.

[cryptobro]

curious if long-term holders will defend $84k or capitulate. onchain distribution risk looks high