Analysis: Bitcoin Net Realized Profit/Loss Remains Negative for Five Consecutive Months, $48,000-$56,000 Becomes Core Support Range

CoinFeed June 26 news, CryptoQuant analyst Axel Adler Jr. released a report pointing out that Bitcoin's net realized profit/loss (90-day MA) has been negative for the fifth consecutive month, with the current reading at -$203.2 million. It means the market is systematically locking in losses, consistent with the early stages of past bear market cycles. However, the cost basis of holder cohorts shows that core support is located in the $48,000-$56,000 range. Looking at the cost basis of each cohort, whales (more than 10,000 BTC) at $48,100, small addresses (10-100 BTC) at $47,800, large wallets (1,000-10,000 BTC) at $56,500, all still below current price. Only the 100-1,000 BTC group ($65,700) is in a loss position, and is the main source of current loss-selling.