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$BTC Percent Unrealised Loss Returns Below the 40% Deep-Stress Band #Bitcoin Percent Unrealised Loss is 35.2%, meaning roughly 35% of the tracked supply is currently in unrealised loss. The metric remains above 20%, but now sits below the >40% deep-stress band and well below the >60% capitulation-like zone. The recent path is informative: it moved above 40% around the end of June, reaching 42.2%, then fell to 30.4% around July 21 before rebounding to 35.2%. In prior major bear-market phases shown on the chart, the first test of the >40% zone was typically followed by stressed consolidation before the metric later moved toward or above 60%, where capitulation-like regimes tended to appear. Underwater supply remains elevated, but the latest reading is below the deep-stress band. This is not capitulation-level stress on this metric yet. However, the >40% and >60% levels remain key watch zones. #DailyOrbit