BTC : Profitability Continues to Deteriorate Despite setting a second ATH in early October, the 90D Realized Profit/Loss Ratio has been trending lower since late July. The metric now sits near ~1.45, confirming a persistent erosion in realized profitability. This is not capitulation (<1), but it is sustained pressure. Profit realization is weakening as loss realization gradually increases. The market’s ability to distribute into strength is fading. Distribution remains dominant over accumulation. Structurally, this points to exhaustion and continued de-risking — not a regime reset, and not renewed strength.