On-chain data shows that selling pressure in the Bitcoin market is intensifying. According to an analysis shared on Binance Square by CryptoQuant analyst Darkfost, as of November 15, the share of Bitcoin's active supply in profit had fallen below 45%, leaving more than 55% of active supply underwater.
The realized price for short-term holders is about $75,068. At the current price of about $64,939, recent buyers are sitting on an average unrealized loss of around 13.5%. The MVRV Z-Score had fallen to 0.33 as of November 14, indicating a sharp contraction in the market's valuation premium.
In derivatives markets, CoinGlass data shows that approximately $746 million in positions were liquidated across the market over the past 24 hours, around 80% of them long positions. On November 13, U.S. spot Bitcoin ETFs recorded net outflows of about $185.4 million for the day.
Darkfost noted that historically, when the share of active supply in profit approaches or falls below 40%, it often coincides with market-bottom zones. The current reading is nearing that range, but low profitability alone does not guarantee that the decline is over; changes in actual demand and selling pressure still need to be monitored.$BTC $ETH
The realized price for short-term holders is about $75,068. At the current price of about $64,939, recent buyers are sitting on an average unrealized loss of around 13.5%. The MVRV Z-Score had fallen to 0.33 as of November 14, indicating a sharp contraction in the market's valuation premium.
In derivatives markets, CoinGlass data shows that approximately $746 million in positions were liquidated across the market over the past 24 hours, around 80% of them long positions. On November 13, U.S. spot Bitcoin ETFs recorded net outflows of about $185.4 million for the day.
Darkfost noted that historically, when the share of active supply in profit approaches or falls below 40%, it often coincides with market-bottom zones. The current reading is nearing that range, but low profitability alone does not guarantee that the decline is over; changes in actual demand and selling pressure still need to be monitored.$BTC $ETH
