On-chain data shows Bitcoin is currently not satisfying a condition that has historically occurred alongside major bottoms in the price.
Bitcoin Supply In Profit Is Still Greater Than Supply In Loss
In a new post on X, James V. Straten, a research and data analyst, has pointed out how BTC isn’t fulfilling the bottom condition for the supply in profit and loss metrics.
The “supply in profit” here naturally refers to the total amount of Bitcoin supply currently carrying an unrealized profit. Similarly, the “supply in loss” keeps track of the number of underwater coins.
These indicators work by going through the on-chain history of each coin in circulation to see what price it was last transferred at. If this previous price for any coin was less than the current BTC spot price, then that particular coin is being held at a profit, and the supply in profit adds to its value. On the other hand, the coins with a higher cost basis are counted by the supply in loss.
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