Latest / Adler AM: Bitcoin Morning Brief

New BTC buyers near breakeven, 3-6M cohort underwater
Bitcoin 0-3M holder NUPL is near breakeven while the 3-6M cohort sits at -0.14, its Realized Cap 69.6% below peak. Watch 3-6M to reclaim zero.
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.