Bitcoin’s Unrealized Losses Plunge, but Spot Demand Remains Weak via @cryptoquant_com Bitcoin’s Net Unrealized Loss (NUL) has fallen sharply from around 0.18 in mid-August to 0.08, as BTC recovered from roughly $65,000 to $77,200. The decline indicates that much of the loss accumulated during the correction has been erased, reducing pressure on underwater holders to sell. This is an important improvement in market structure. When NUL rises, more capital is trapped at a loss and investors become more vulnerable to panic selling. Its return to relatively low levels suggests that holder stress has eased and the risk of broad capitulation has declined. However, the latest move also requires caution. NUL has edged higher from its early-September low as Bitcoin pulled back from above $80,000. Unrealized losses are beginning to rebuild as the recovery loses momentum. Meanwhile, spot demand remains weak, Bitcoin ETFs are recording outflows, and the rebound continues to depend heavily on futures activity. Lower holder stress can reduce selling pressure, but it does not automatically create new demand. Bitcoin therefore appears more stable, but not yet decisively bullish. A sustainable recovery requires NUL to remain contained while spot demand strengthens and BTC breaks the $80,000–$83,000 resistance zone with genuine cash-market buying. https://t.co/5QpMB5eTYu’s-Unrealized-Losses-Plunge,-but-Spot-Demand-Remains-Weak