Have we missed the dip zone in Bitcoin?

Net Realized Profit and Loss looks very strongly positive around 2025. Investors are realizing significant profits. This period can also be considered a peak formation process. Afterwards, NRPL gradually weakens and drops into the negative zone. Especially during the sharp decline at the beginning of 2026, selling at a loss increases.
In the current chart, NRPL continues with a slight negative trend. That is, there is no large-scale profit-taking, but aggressive stop-losses have also ended. Weak hands in the market have largely exited.
Throughout 2025, NUPL remains positive above 0.5, then the decline continues down to around 0.2.
In the current chart, NUPL is seen to be around the 0.25 – 0.30 range. This zone is neither cheap nor expensive. Investors are still in profit, but the old excessive confidence is gone.
NRPL indicates that realized selling pressure has ended, while NUPL shows that the market is still in profit but cautious. That is, the number of investors selling has decreased, but buyers are also not actively participating.
According to the charts, investors are in a “Let it rise a bit more before I sell” mode; therefore, selling occurs during upward movements. Since NUPL is still low, the “Every dip is a buying opportunity” mode has not fully started.
The exit from negative NRPL indicates that panic selling has ended and the market has entered a slow recovery phase.
According to these two metrics, the market is neither in a bear phase nor at a bull peak, but more in a recovery stage. #Bitcoin investors currently do not expect a major drop but do not believe in a strong rally either. That’s why they sell during rises.
They act cautiously to buy during dips.
⚠️ #not an advertisement or investment advice. This analysis reflects my personal opinion. It is not definitive.