January 26th, CryptoQuant analyst @AxelAdlerJr stated that the recent Bitcoin net Unrealized Profit/Loss (NUPL) has dropped by 97%, falling to around zero. The last time this happened was in June 2022 when Bitcoin dropped from $30,000 to $16,000.@AxelAdlerJr pointed out that at the current price level, whales are still profitable (with a 25%-80% buffer), so there is no panic yet. However, what supports the market is not buyers but the absence of sellers.