🔥 There might be another sharp drop before a real opportunity emerges

Data from Cryptoquant shows that the untapped profits of long-term holders have plummeted from around 58% to just 3% in only 140 days.

🖤 In previous cycles, BTC usually only formed a clear bottom when long-term holders had almost all their profits eroded over a period of several months.

🖤 Data also shows that major bottoms in the past usually appeared after 6 to 277 days of prolonged pressure, rather than forming immediately after a sharp decline.

$BTC is about to close its monthly and quarterly (3M) candles, so price volatility in the next 24 hours will be quite high. Long-short traders should be careful!