#比特币活跃供应盈利占比跌破45% Bitcoin’s share of active supply in profit falls below 45%—is the market near a bottom?
Bitcoin continues to face pressure, and the profitability of on-chain holders is also deteriorating. If the share of active supply in profit falls below 45%, it means that, according to this metric, more than half of the active supply is held at a loss.
From a market-cycle perspective, as more coins fall into loss, short-term holders may face greater selling pressure, while long-term investors may gradually look for opportunities to accumulate at lower prices.
However, a decline in the share of supply in profit does not mean the market has already bottomed. If macro liquidity continues to tighten and spot ETF outflows persist, Bitcoin could face further declines.
Investors should pay close attention to the unwinding of on-chain holdings at a loss, institutional fund flows, and accumulation by long-term holders.
Is the market currently in the process of forming a bottom, or is this the prelude to another downturn?
Bitcoin continues to face pressure, and the profitability of on-chain holders is also deteriorating. If the share of active supply in profit falls below 45%, it means that, according to this metric, more than half of the active supply is held at a loss.
From a market-cycle perspective, as more coins fall into loss, short-term holders may face greater selling pressure, while long-term investors may gradually look for opportunities to accumulate at lower prices.
However, a decline in the share of supply in profit does not mean the market has already bottomed. If macro liquidity continues to tighten and spot ETF outflows persist, Bitcoin could face further declines.
Investors should pay close attention to the unwinding of on-chain holdings at a loss, institutional fund flows, and accumulation by long-term holders.
Is the market currently in the process of forming a bottom, or is this the prelude to another downturn?
