glassnode: The current realized loss on the Solana chain has exceeded the realized profit

Jinse Finance reported that glassnode posted on X stating that liquidity can be assessed through multiple indicators, including the 30-day moving average of the realized profit and loss ratio. For the Solana chain, this ratio has remained below 1 since mid-November, indicating that the current realized loss has exceeded realized profit. This phenomenon suggests that on-chain liquidity for Solana has contracted to levels commonly seen during a deep bear market.