Net Realized Profit/Loss: Difference between Realized Profit and Loss, measuring directional value flow

Volatility-adjusted Net Realized Profit/Loss compared to cumulative median:

* Above median → bull market, net capital inflows

* Below median → bear market, net capital outflows

Markets drive investors to maximum pain at bull/bear cycle turning points

Current status: Metric reset to neutral median value, indicating key market decision point and establishing critical support level for bulls

$BTC

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