In general, $BTC Net Realized Loss state means a period where investors selling their holdings. It signifies a phase where market participants are realizing substantial losses.

Investors sold regardless of the price and capitulated when they could no longer patient losses, and $BTC showed a bearish trend during that period.

However, the NRPL has recently turned positive again. This indicates that the trend of capitulation among market participants has ended and the market is shifting back to a profitable state.

Historically, $BTC has shown a bullish trend when the NRPL is positive, as this is a phase where sufficient buying volume drives the price upward.

That upward trend is just beginning now. The NRPL value remains quite low compared to previous bull markets, suggesting the rally is still in its early stages.

As the price of $BTC rises, more investors will enter the market, further increasing buying demand. This will boost the profits of investors who bought at the lows.

The indicator confirms that we are still in the early stages of a bull market.

Written by CW8900