I came across this bitcoin:native chart again, which I built two years ago. It tracks the amount of capital in profit held by a cohort we can broadly consider traders, even though these are spot holdings, as it only includes coins last moved one to three months ago. This offers insights into market trends and potential price movements. High unrealized profits often point to potential selling pressure. When traders hold substantial unrealized gains, the incentive to take profits grows, increasing the risk of a market correction. Negative unrealized profits suggest that many Bitcoin traders are holding positions at or below their entry prices. This can signal that the market is approaching a bottom, potentially creating buying opportunities. Of course, this metric is less useful during bear markets. But given that the bear market is over, this is the first time since then that this cohort has come under pressure, with estimated unrealized losses currently standing at $452M.