Bitcoin Bottom Not Here Yet? This Indicator Remains In Transition Phase

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 investo