On-Chain Data Shows Six For Bitcoin – Bitcoin Magazine

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November was a painful month. If we look at the profit and loss data realized on the chain, we can see that this is true for many forced bitcoin sellers. Before any bitcoin price bottom, the telltale sign you want to see is a long period of forced selling, surrenders, and increases in realized losses. One way to look at this is to look at the sum of realized gains and losses for each month relative to the total market value of bitcoin. We saw these sub-signals in November 2022 and similarly in the Terra/LUNA crash in July 2022, the COVID scare in March 2020, and the bottom delivery events in December 2018.

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