$BTC is entering its most revealing realized PnL phase

The chart shows realized profits collapsing while price loses momentum a pattern that historically signals the market is transitioning from distribution into stress. As the green zone shrinks buyers are no longer lifting price with conviction and profit taking is drying out

At the same time realized losses are beginning to expand a textbook sign that the market is sliding into a pressure zone where weak hands start capitulating. This phase has appeared near macro turning points in every major cycle as long term holders accumulate quietly while short term traders exit in panic

If this structure continues to deepen #Bitcoin is approaching a volatility pocket where bearish exhaustion often flips into aggressive trend formation. The compression between falling realized profits and rising realized losses is the same setup that preceded the last major reversals
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