BTC has entered a critical point in its cycle—realized loss indicators have fallen into deep negative territory. Historically, whenever such large-scale losses appear on-chain, it often signals a macro bottom and the beginning of a new expansion.

In simple terms, the current losses are a form of capitulation washout. Weak hands are selling at a loss, while true long-term holders are quietly accumulating. Interestingly, the price range continues to compress, and realized losses are also decreasing in tandem—this is a sign of historical cycle repetition.

If this pattern continues as expected, BTC is likely approaching a high-volatility turning point. The real trend reversal often occurs during the "quietest" moments—when candlesticks are relatively still, but on-chain data is already telling the story.

So instead of obsessing over minute-by-minute charts for excitement, it's better to understand what the on-chain structure is indicating. This is the true way to grasp the market's real pulse. The performance of mainstream coins like ETH also warrants close observation.