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Bitcoin at $78K but something's VERY wrong beneath the surface...
The Fear & Greed Index shows 44 (neutral) but there's a hidden metric that's screaming DANGER.
Here's what 99% of traders are missing:
Bitcoin's Realized P/L Ratio just hit 0.95
That means more BTC is being sold at a LOSS than at profit right now
Even with price at ~$78K, holders are still capitulating. This is NOT normal during a rally..
Price recovery without profit-taking means weak hands still in control.
Until this ratio moves above 1.0, we're still in RECOVERY MODE - not a confirmed uptrend
Real momentum returns when profits do
Watch this metric closer than price action itself.