Bitcoin Is Trading 30% Above Its Realized Price – The Supply in Loss Reading Matches Two Prior Cycle Lows

tldr; Bitcoin’s spot price is trading 31% above its realized price, currently at $54,374, with 40.48% of supply at an unrealized loss. Historical data shows similar conditions during late-stage bear markets, preceding recovery phases. Key periods include 2019, the 2020 COVID crash, and the 2022-2023 bear market. Current metrics suggest the market is nearing a critical convergence zone, potentially signaling either a final capitulation or the start of a recovery phase.

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