Is Bitcoin Showing the Anatomy of a Bottom? On-Chain Data Offers Clues

TLDR: Bitcoin long-term holder aNUPL has turned negative as BTC trades near 50% below its cycle high. Long-term holders now carry deeper unrealized losses than the broader Bitcoin market average currently. Past cycle bottoms saw far deeper long-term holder losses than the levels recorded today. Institutional demand could help Bitcoin bottom earlier this cycle without [...]

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