Glassnode Says Bitcoin Liquidity Must Clear Key Realized P/L Level For Next Price Upswing

On-chain analytics firm Glassnode has reported that past sustained Bitcoin uptrends have generally appeared only when a liquidity gauge called the 90‑day Realized Profit/Loss Ratio stayed above a key level. The metric, which compares realized gains to realized losses, peaked near 20 in the second half of 2025 but has since dropped to below 2, while Bitcoin is trading around $87,800 after a recent pullback. Glassnode's data suggests a renewed rally may require this ratio to climb back above 5 and hold there, although the indicator is still trending downward.