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