Bitcoin’s realized profit‑loss ratio fell to -0.35, the lowest level since December 2022, according to CryptoQuant. The ratio measures the net percentage of Bitcoin in profit or loss relative to total supply. Historically, readings below -0.35 have preceded price recoveries in 2015 and 2019, CryptoQuant said. The data were recorded when Bitcoin traded around $59,000. The decline follows a roughly 50% drop from a high of $126,080 in October, a decline analysts linked to the recent fall in Strategy’s perpetual preferred stock offering, STRC, which traded below $75. Bitwise chief investment officer Matt Hougan said the STRC development reduced excess leverage and moved the market closer to a potential bottom. Swan Bitcoin analyst Adam Livingston noted Bitcoin is currently about 16% above its realized price, a level that historically corresponds with strong forward returns of about 41% over six months and 81% over 12 months. Livingston cautioned that waiting for a clear bottom is risky and recommended investors consider buying now rather than waiting for higher prices. The shift in sentiment and the low ratio suggest a possible market bottom, though the timing of a new bull market remains uncertain.