Analyst: Over Half of BTC Still in Profit, Market May Be Entering the Final Phase of the Bear Market

Odaily Planet Daily News CryptoQuant analyst Darkfost stated on the X platform that the current Bitcoin (BTC) supply profit ratio is approximately 52%, meaning nearly half of Bitcoin holdings are still at a loss, and the market is approaching a key turning point in the bear market cycle.

The analysis points out that historically, during each bear market, the Bitcoin profitable supply ratio eventually falls below 50%, entering a stage where "loss-making positions are in the majority." This typically signals further release of market pressure and serves as an important indicator of the late bear market phase.

Data shows that in June and July of this year, the Bitcoin profitable supply ratio briefly fell below 50%, but overall it remained near the critical level. Analysts believe this indicates that the current bear market cycle has entered a deeper stage.

The analysis states that regardless of where the final market bottom price lies, the Bitcoin market may currently be entering the final phase of the bear market.

However, the profitable supply ratio only reflects the on-chain cost structure of holdings and cannot alone determine the market bottom. Further observation combining indicators such as capital flows, macroeconomic conditions, and market sentiment is still required.