For the first time this cycle, the MAJORITY of coins are underwater. The profit/loss line just flipped to loss-majority.
Historically, when โค50% of $BTC supply is in profit (n=1,014 days):
Forward 365d median return: +94.2%
We're there now at 47.15%.
Not a confirmed bottom - prior cycle lows went to 36-44.5% - but this is the zone buyers get paid from.๐ข