BTC On-Chain Metrics Update

In 2016, it took 673 days after Bitcoin reached breakeven to hit the profit-loss ratio peak, with a 2-day difference from the 2017 bull market top. In 2019, it took 650 days after Bitcoin reached breakeven to hit the profit-loss ratio peak, with a 2-day difference from the first half of 2021's top. In 2023, it’s been 676 days after Bitcoin reached breakeven to hit the profit-loss ratio peak (another peak forming on September 19, 2025).