🧐Are we heading back into the low-liquidity market cycles we saw in 2018 and 2022?

The Realized Profit/Loss Ratio (90D-SMA) is an on-chain metric measuring investor sentiment and liquidity trends.

🔹Values >1 indicate dominant profit-taking;

🔹Sustained levels above ~5 historically marked renewed liquidity inflows and buyer conviction.

But it’s crashed from a July 2025 peak of 19 to just 1.7 today.

This steep drop points to a major market demand shift and mounting investor frustration. Per Glassnode