MarketPR
Bitcoin's on-chain profit-and-loss ratio — a gauge of whether coins changing hands are moving at a gain or at a loss — has dropped to its lowest reading in 43 months.
Bitwise Chief Investment Officer Matt Hougan said the bottom is now "closer than ever," while Swan Bitcoin's analyst team urged clients to buy at what they framed as a discount rather than pay higher prices later.
What the Metric Is Actually Measuring The profit-and-loss ratio tracks realized outcomes for coins as they move: when more transactions settle below the price at which coins were originally acquired, the ratio falls.
A 43-month low means the on-chain picture now looks worse than at nearly any point in the last three-and-a-half years.
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