At a Bitcoin price of $69.5K, the LTH Relative Unrealized Loss metric sits at approximately 15.5%. In simple terms, for every $1 held by long-term Bitcoin holders, they are currently carrying around 15 cents of unrealized loss. Historically, major cycle bottoms have formed when this figure climbed above 50 cents per dollar, reflecting much deeper levels of stress and capitulation. The market is clearly under pressure. But according to long-term holder data, we are still far from the levels of pain that have historically marked true cycle lows. That doesn’t mean Bitcoin can’t bottom here. It simply means long-term holders have not yet experienced the kind of extreme distress that has typically accompanied major market bottoms in previous cycles. $BTC #Bitcoin