On-chain analyst Darkpost diagnosed that the average unrealized loss for active Bitcoin (BTC) investors is approximately 20%, which has not yet reached past bear market levels. He explained, "The True Market Mean (TMM), which represents the average purchase price of active BTC excluding long-term inactive supply, is currently acting as a resistance level at approximately $76,700. Additionally, the Active Value to Investor Value (AVIV) ratio, which indicates the current market value relative to the average purchase price of the active supply, is around 0.8, suggesting that active investors are currently experiencing an average unrealized loss of about 20%. In past bear markets, AVIV dropped to 0.5-0.6, with average loss rates reaching 40-50%. Despite the influx of institutional funds and the launch of spot ETFs, Bitcoin still appears to be following its existing market cycles."
