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Bitcoin's on-chain profit-and-loss ratio has fallen to its lowest level in 43 months, a metric that tracks the share of $BTC supply currently held at a gain by its owners.
Bitwise chief investment officer Matt Hougan said the bottom is "closer than ever," while a Swan Bitcoin analyst argued that buyers are better served acting now at a discount than paying a premium later.
What the P&L Ratio Measures The profit-and-loss ratio — sometimes called the P&L ratio — is an on-chain gauge that compares how much of the circulating Bitcoin supply sits at an unrealized gain versus an unrealized loss, based on the price at which each coin last moved.
When the ratio falls, it means a larger share of holders are underwater relative to their acquisition cost.
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