Bitcoin On-Chain Data Signals Seller Reluctance as Cycle Bottom Draws Near

Glassnode’s RUP and RUL metrics track Bitcoin supply in unrealized profit and loss. In previous cycles, an approaching BTC bottom has often been signaled when most holders are underwater, profitable holders have largely exhausted their selling and loss-making holders also become reluctant to sell, constricting circulating supply.

Analyst Mr. Berg recently said the RUP and RUL profit-and-loss curves were nearing the threshold for a bottom signal, suggesting that profit-taking pressure was gradually drying up and underwater holders were becoming less willing to sell. However, the report provided no exact publication date, BTC price or trigger threshold. The signal merely suggests that a bottom may be close and does not confirm a reversal.