Bitcoin P&L ratio falls to 43-month low
Summary
Bitcoin’s realized profit-and-loss ratio has dropped to -0.35, a 43-month low that reflects extreme market losses but has often appeared near major bottoms. CryptoQuant said similar readings preceded rebounds in 2015, 2019, and after the December 2022 FTX collapse. The signal comes as Bitcoin has fallen about 50% from its October peak of $126,080, though it has rebounded more than 7% from a June 25 low near $58,190. Some analysts link the selloff to Strategy’s strained preferred-stock offering, while others see the leverage flush as a step toward a bottom. Bitcoin also trades just 16% above its realized price, a level historically associated with strong 6- and 12-month returns.
