On-chain data shows the Bitcoin PnL Index is currently in a transition phase that has historically led into bottoms, but not immediately.
Bitcoin PnL Index Has Been Going Down Recently
In a new post on X, community analyst Maartunn has talked the latest trend in the Bitcoin PnL Index, which combines the data of a few key on-chain metrics into one to produce a single valuation indicator for BTC.
The metrics include the MVRV Ratio, NUPL, and LTH/STH SOPR. The former two deal with unrealized investor gains/losses while the last one is related to the gains/losses that holders are realizing through their transactions.
Now, here is the chart shared by Maartunn that shows the trend in the 365-day moving average (MA) of the Bitcoin PnL Index over the history of the cryptocurrency:
As displayed in the above graph, the 365-day MA of the Bitcoin PnL Index has been following a consistent downtrend since Q4 2025, reflecting the bearish market shift.
So far, the indicator hasn’t left
We współpracy z: https://www.newsbtc.com/bitcoin-news/bitcoin-bottom-indicator-remains-transition-phase/
