<div id="readability-page-1" class="page"><div><ul><li>Bitcoin still trades about 21 percent above its realized price, indicating most holders remain in profit and that on-chain data do not yet signal a classic long-term accumulation zone.</li><li>The gap between spot and realized price has compressed rapidly from roughly a 120 percent premium in late 2024 to 21 percent now, suggesting a fast-moving compression phase rather than a completed market reset.</li><li>On-chain indicators show no capitulation event or broad institutional surge in demand, implying that a deeper drawdown toward the realized price near $54,000 may be needed to mirror past cycle bottoms.</li></ul></div></div>

MARA

BITF

GBTC

<p>Bitcoin is currently trading 21% above its realized price, indicating that most holders are still in profit. The gap between spot and realized price has decreased significantly from a 120% premium in late 2024 to 21% now, suggesting a rapid compression phase. On-chain indicators show no signs of capitulation or a surge in institutional demand, indicating that a deeper price drawdown towards the realized price of around $54,000 may be necessary to align with previous market cycle bottoms.</p>

- Bitcoin is currently trading approximately 21 percent above its realized price, indicating that most holders are still in profit.  
- The significant compression from a 120 percent premium in late 2024 suggests a rapid movement rather than a completed market reset.  
- On-chain indicators show a lack of capitulation and institutional demand, indicating that a deeper drawdown toward the realized price of around $54,000 may be necessary to reach past cycle bottom levels.

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Bitcoin is closer to its 'buy zone' than it's been in three years