According to Glassnode, Bitcoin reached an all-time low in realized losses versus losses ratio. Towards the end of the last bear market, this ratio was at about the same level. That gives hope for a possible bottom.
Realized market cap
Another on-chain stat that gives hope is the Realized Cap. This is the market cap based on the average selling price of all Bitcoin. It has now returned to the level of May 2021. It is striking that the Bitcoin price was a lot higher at the time than it is now. That’s where the Realized Cap is an interesting way to measure market cap.
It is also a good way to measure capital outflows. From the top, the Realized Cap has lost 17.0 percent this cycle. The 2010-11 cycle saw an outflow of 24 percent from the peak, in 2014-15 it was 14 percent and 2017-18 it was 16.5 percent. This means that the 17.0 percent of this cycle is closest to 2017-18.