Bitcoin selling pressure eases as on-chain profit metrics improve

Bitcoin’s recovery above $78,000 has sharply eased market selling pressure as key on-chain profit and loss indicators improved, according to a CoinNess analysis citing CryptoQuant analyst Axel Adler Jr. Adler said the 90-day realized profit/loss ratio rose from 0.747 on Aug. 16 to 1.003 on Aug. 26, moving above the neutral baseline of one for the first time since late July. Adler said this means the volume of coins realized at a profit over the past 90 days has started to exceed the volume sold at a loss. Adler added that net unrealized loss, or NUL, which measures unrealized losses as a share of total market capitalization, also plunged to 7.35% recently from 18.57% on Aug. 16. Still, Adler said it is too early to conclude the bearish phase has fully ended, as the realized profit/loss ratio remains near the baseline and the current improvement in on-chain indicators needs to continue to confirm a clear trend reversal.