The average Profit or Loss realized per coin has also reached cycle lows, reinforcing the observation that the majority of coins being traded were last transacted at a similar price to today. We also note that profits are equal to losses, suggesting a state of equilibrium has been reached (an indicator for heightened volatility ahead).

With the majority of coins transacting in close proximity to their original cost basis, this describes a market where active investors are either price insensitive HODLers, or traders jostling for a marginally better position.