Bitcoin Supply in Profit and Loss Closer to 2022 Bear Market Levels
Bitcoin's profitable and loss-making supply levels are approaching those seen during the 2022 bear market, suggesting potential undervaluation.Summary
A CryptoQuant analyst, "Darkfost," notes that approximately 11.2 million Bitcoin (BTC) are currently in profit, nearing the 9 million BTC seen at the lowest point of the previous bear market. Simultaneously, around 8.2 million BTC are at a loss, levels not observed since late 2022. While this suggests a potential market bottom and undervaluation, other analysts, like Andri Fauzan Adziima from Bitrue, argue the data indicates increasing market stress rather than immediate undervaluation, pointing to deeper losses in the 2022 bear market. Bitcoin’s current drawdown from its all-time high (around 52%) is also less dramatic than in previous cycles (77%-84%). Timothy Peterson highlights the strong dollar and weak Chinese yuan as factors hindering recovery, anticipating a potential shift when US interest rates fall, likely not before 2026 or 2027.
(Source：Cointelegraph)