In the grand circus of the cryptosphere, Glassnode-our self-proclaimed oracle of on‑chain mystique-has uncovered a peculiar stage condition: liquidity must perform above a certain threshold for a true crescendo of fortunes to follow.
For a Bitcoin Rally to Commence, the Realized Profit/Loss Ratio Must Dauntingly Rise Above Five
According to the latest weekly dispatch, Glassnode muses on the froth and foam of Bitcoin’s liquidity during a recent tumble, following an ill‑fated climb earlier this month.
The firm declares that any genuine upward dalliance ought to be reflected in the so‑called Realized Profit/Loss Ratio-an amoebic metric that, in its own dignified way, pits the gains from one round’s gains against the losses from another. When this ratio tops one, the crowd of holders enjoys more profit than loss; if it falls below, despair at the bar‑setters suffuses the air.
In a world where the ratio balances at exactly one, every holder finds themselves on the precipice of breaking even, a precarious dance between profit and loss that would make even the most seasoned ballet dancer gasp.
Behold the illustrious chart that chronicles the 90‑day moving average of this virtuoso indicator over the last decade:
As the graph suggests, the ratio reached a fever pitch in the latter half of 2025, as bull‑run profiteers rode the tailwinds of victory. Since then, the metric has taken a nosedive-once near twenty, now trudging below two.
Thankfully, a slick historic pattern tells us that a strong upside, however reluctant, appears only when the ratio swells past five. Yet the current trajectory is more of a meandering owl than a soaring hawk, leaving the audience uncertain whether it will ever make the leap.
Fate, however, is a fickle benefactor; two times this cycle, liquidity slid below the threshold only to exhale and rise again-though each time finding a new foundation higher than the present one.
BTC Price
As of now, Bitcoin hovers around $87,800, down 2.4% over the past week-a humble gathering of pennies after the grand gala.
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2026-01-29 21:40