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

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

The analysis points out that historically, during each bear market, the Bitcoin supply profit ratio ultimately falls below 50%, entering a stage where "loss-making chips are in the majority," which usually means that market pressure is further released and serves as an important signal in the late stage of the bear market.

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

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

However, the supply profit ratio only reflects the on-chain cost structure of holdings and cannot independently determine the market bottom. It is still necessary to comprehensively observe indicators such as capital flows, macroeconomic conditions, and market sentiment in subsequent analysis.