Bitcoin's 90-Day Realized P/L Ratio Falls Below 1, Signaling Loss-Dominant Selling

Bitcoin's on-chain Realized Profit/Loss Ratio 90-day simple moving average fell below 1 on Feb. 24, confirming a full shift toward loss-heavy realization, Glassnode data show. Sub-1 stretches have typically lasted six months or more before the ratio reclaims 1, with the gauge near 1.5 in early February and about 1.32 in late January. CryptoQuant contributor _OnChain noted whale-linked Unspent Profitability Ratios across holder cohorts reached levels comparable to May–June 2022, while 7-day average realized profits fell from over $1 billion in Q4 2025 to $183.8 million by December; Bitcoin recently traded around $63,200, down 3.6% over 24 hours and almost 29% in a month, nearly 50% below its October 2025 all-time high, with analysts tying the weakness to macro headwinds including U.S. President Donald Trump's proposed import-tax increases.