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Bitcoin is printing on-chain loss-taking on a scale last seen during the Luna/UST meltdown, but at a radically different price point, a distinction that changes what the signal likely means for this drawdown.
Axel Adler Jr. said Bitcoin’s Net Realized Profit/Loss has sunk deep into negative territory, with the 7-day moving average falling to -$1.99 billion on Feb. 7 before improving slightly to -$1.73 billion by Feb. 10. That places the current regime among the most severe loss-dominant stretches on…
