The recent profit-taking surge has driven the LTH Realized P/L Ratio to 9.4M—a level surpassed on only 884/5601 trading days (15.8%). This reflects a regime where vast majority of long-term supply transacts at large profits with minimal loss volume.

Historically, such elevated readings indicate euphoric periods typical of later bull market stages. With sustained new demand and liquidity inflows, these euphoric phases can persist for several months.

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