Woofun AI data shows that Bitcoin's realized cap has persisted in negative territory for 208 consecutive days, recently declining to -273,000 BTC. This metric contrasts miner issuance with existing stock flow, where a negative value indicates that the circulation of older coins exceeds the spot market's absorption rate. The current imbalance implies that selling pressure from legacy supply has surpassed new capital inflows, establishing significant resistance levels above the current price.