A METRIC THAT MOST TRADERS OVERLOOK—AND WHY IT MATTERS

Relative Unrealised Loss is tracking one thing and one thing only: what percentage of Bitcoin is currently being held underwater. No speculation, no guesses—just actual positions in the red.

Here's the kicker. Throughout previous market cycles, genuine capitulation bottoms only showed up when this specific metric hit certain levels. It's not a prediction tool. It's a historical pattern.

When you strip away the noise and sentiment, when you ignore all the hot takes on social media, this data tells you something concrete about market psychology. Real capitulation doesn't announce itself with fanfare. It whispers through the numbers—through the share of holders sitting on losses, waiting for relief.