Bitcoin’s realized profit and loss ratio has fallen to -0.35, a 43-month low last seen after FTX’s collapse, flashing what Cryptoquant calls a bottom signal just as Michael Saylor’s Strategy turns seller.
Key Takeaways
Cryptoquant said bitcoin’s realized P/L ratio hit -0.35, its lowest reading since December 2022 after FTX fell.The signal flashed as Strategy sold 3,588 BTC for $216 million and bitcoin rebounded above $64,000 on July 7.Swan Bitcoin’s Adam Livingston noted similar discounts preceded 41% six-month and 81% one-year returns.None of this makes the bottom certain because onchain indicators can only describe conditions, not offer guarantees. Macro pressure from the unwinding artificial intelligence (AI) trade and continued exchange-traded fund (ETF) outflows could still test the lows, and Strategy’s monetization program leaves room for up to $1.25 billion in total sales.
