Active BTC investors face 20% average loss, not yet at bear market levels

According to on-chain analyst Darkfost, active Bitcoin (BTC) investors are facing an average unrealized loss of about 20%, a level that has not yet reached the severity of past bear markets. Darkfost noted that the True Market Mean (TMM), which represents the average purchase price of active BTC excluding long-dormant supply, is currently acting as a resistance level at around $76,700. He added that the Active Value to Investor Value (AVIV) ratio, which compares the current market value to the average cost basis of the active supply, stands at approximately 0.8, suggesting active investors are down by an average of 20%. In past bear markets, the analyst explained, the AVIV ratio fell to between 0.5 and 0.6, corresponding to average losses of 40% to 50%. He concluded that despite institutional fund inflows and the launch of spot ETFs, Bitcoin still appears to be following its traditional market cycles.