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On-chain data indicates that Bitcoin’s network conditions have improved in recent days, though net capital inflows remain relatively weak. CryptoQuant author Axel Adler Jr said in an X post that Bitcoin has exited the “panic zone” on the Realized Profit/Loss Ratio, an on-chain indicator that reflects whether BTC investors are selling at a profit or a loss.
Adler Jr’s analysis points to the 30-day moving average (MA) of the Realized Profit/Loss Ratio, which tracks how the metric has changed over time. The chart suggests the indicator has been climbing recently.
Earlier bearish price action coincided with a decline in the Bitcoin Realized Cap, with the 30-day change falling to a notable negative level. As the market recovered, the capital netflow reversed direction.
According to the report, the current 30-day change in the metric is slightly positive. This implies that some capital has flowed into BTC over the past month. However, the scale of inflows is described as low compared with prior bullish periods.
Bitcoin has recently shifted into sideways trading, with the price still hovering around the $81,000 level.
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