BTC Seller Exhaustion: 30.46
Are the people who could sell already done? Two things have to be true at once: most coins are underwater, so holders have little left to sell at a gain — and the price has gone quiet, because capitulation is loud and exhaustion is not. This multiplies the two. Low readings are what a floor looks like from the inside.
Percent of supply in profit multiplied by 30-day annualised realised volatility. A low number means both halves are low at the same time: most coins are held below what they cost, and the price has stopped moving violently.
High readings mean holders are sitting on gains while the market swings — plenty of supply that can still be sold into strength. Low readings mean the opposite: the people who wanted out are largely out, and the market has gone quiet. Historically the deepest lows cluster near cycle floors.
This describes the market's state today; it does not forecast a bottom. The reading has been low for long stretches that then went lower, so it describes a condition, not a moment to act, and it cannot see the seller who is simply waiting. It also starts only where the node's profit/loss split starts — there is no reading before that.
Safu's own Bitcoin node (supply in profit) + our own daily closes (volatility) · 1 point/day