Reality Check: How Bad Is Bear Market At This Stage?

The current bear market cycle is unique in the way that the negative price sentiment persisted for the longest. After Bitcoin reaching a high of $69,000 last year, the top cryptocurrency has been on a freefall since January 2021. BTC went as low as $17,000 mid-year, which means long term investors suffered a maximum unrealized loss of 75% from the all time high. The net unrealized profit or loss (NUPL) is a key metric to gauge the total effective value of all BTC holdings.