More than HALF of $BTC holders are now underwater.

This is not FUD. This is on-chain data.

CryptoQuant analyst Darkfost just reported: Less than 45% of Bitcoin's ACTIVE supply is now in profit.

That means 55%+ is in LOSS.

He excluded coins not moved in 10+ years — the lost / Satoshi coins. This is REAL holders. REAL buyers. REAL pain.

And here is why this matters:

Historically, when this metric drops below 40%, it has marked the BOTTOM of corrections.

We are at <45%. We are 5% away from that historic bottom zone.

In 2018, it hit 43% at $3,359 bottom.
In COVID crash, 48% at $4,959.
In FTX collapse, 49% at $15,778.

Now? $67K and already <45%. This cycle hurt MORE holders than FTX did.
#BTC #bitcoin
#BitcoinActiveSupplyInProfitDropsBelow45%
Are we near the bottom? Or is there one more capitulation to $60K?