The portion of Bitcoins market cap in terms of PnL realization
$BTC accumulation level reached a 7-year high.
Over 6-month-old Bitcoins now take 74% of the realized cap.
It was 70%, and 77% at the last bottoms in 2019, and 2015 respectively.
Genrally it seems to be hard just to have BTC doing nothing especially for beginners for crypto or trading.
The portion held for 1 week to 1 month is pointing to the lowest point.
This means that in the current bear market, most are unable to buy because of fear, and when such a move occurs, BTC is usually bottoming out and preparing to rise.
Nobody knows exactly the future and cannot predict all detail.
We just could get some hints with reliable data that accumulated with good resource.
Many things are happening now in terms of macro and we have the cross board impact.
Reference: Cryptoquant, Dan