$KAS realized price sits around $0.07, while market price trades near $0.03, less than half of it. Realized price is the network's average cost basis, roughly what the typical holder paid. With market well below it, the average holder is underwater — coins changing hands for less than they were bought for. The gap has held all year: realized drifting slowly lower, market chopping in the $0.027–$0.040 range without ever closing it. The market trading this far under realized is historically a bottom-region signal. It's the kind of reading that shows up in the colder, late stage of a cycle, supply held at a loss, sellers largely exhausted. It doesn't call a bottom precisely or put a timeline on one. It just says most coins are held below cost, and have been for a while.$KAS