Bitcoin supply in profit has dropped to 51.4%, meaning 48.6% of BTC is currently held at a loss. CryptoQuant says readings below 55% have historically appeared during capitulation and reaccumulation phases. The last comparable period was in early 2023, when Bitcoin traded around $16K–$20K. That doesn’t guarantee a bottom is here. Selling can continue even after capitulation begins, especially if weaker holders keep exiting. The key now is whether stronger buyers absorb the supply and push profitability higher, or whether BTC sees another wave of forced selling. #BTC Price Analysis# #Macro Insights# $BTC $ETH