Despite nearly three months of market capitulation since mid-May, investor pain has been unusually mild. The Relative Unrealized Loss metric peaked at only 25%, compared to over 60% in past cycles, meaning losses are far less severe.
This is because many investors bought in around the election at prices well below the all-time high, resulting in a lower overall cost basis. While this reduces immediate financial stress, the evenly distributed supply will take longer to clear out, causing the current sideways market.
September 7, 2026 247 2
