The Net Realised P/L indicator of Bitcoin is currently below zero. The red zones on the chart are noteworthy: these areas historically mark periods when loss-selling activity has intensified on the chain.

Looking at past data, an interesting pattern emerges. When entering these levels, it is observed that rather than experiencing panic selling in the market, the weak hands are exiting their positions. In other words, these zones are more areas where tokens that have lost their long-term holders are changing hands. This dynamic could be an important indicator of how much panic there is in the market.

In the event that the mentioned levels are retested, past behavior patterns offer important clues for investors.