'BTC's supply in profit ratio' is very high!

BTCs-supply-in-profit-ratio-is-very-high

The 'BTC's supply in profit ratio' is the ratio of the sum of UTXO value being in profit among total sum of UTXO value. In simple terms, the rate of BTC holders who have unrealized profits.

This ratio is often used as one of the indicators to identify peaks and bottoms in the long-term cycle, and the current ratio is 94.98%, which is very high(Pink circle).

The current ratio is the same as the ratio recorded at the peak of the echo bubble in 2019, the beginning of the bull market in 2020(Blue circles).
And only three other times has the ratio been higher: the rally to the 2017 peak, the rally to the 2021 peak, and the 2021 all-time high(Yellow circles).

Of course, this year's aggressive investments by institutional investors could keep the ratio as high as it was in 2017 and 2021. 
But I believe that aggressive investments should be avoided as there may be price dips along the way.