The Percentage of Profitable Bitcoin Drops to 52%

On-chain data in the Bitcoin market shows that a significant portion of investors are at a loss. According to CryptoQuant, only 52% of the circulating Bitcoin supply is in profit. Darkfost noted that the percentage of Bitcoin held at a profit has decreased to 52%. Historical data suggests that approaching the 50% level could be a significant turning point in bear markets. In past bear markets, there have been periods where the amount of Bitcoin held at a loss exceeded that held at a profit. Although the ratio briefly fell below 50% in June and July of this year, it did not stay there for long. Darkfost expressed that a significant portion of the current bear market may have been left behind. However, it is unknown where the ultimate bottom of the market will form. Darkfost stated that it is impossible to predict the exact bottom price but indicated that the market has entered the final phase of its bear cycle. Glassnode data indicates that the market's weakness has persisted for a long time. The company's Bitcoin Cycle Position Heatmap shows that the market has remained in the capitulation zone throughout the year. Glassnode reported that the current market conditions have not yet reached the levels of weakness seen at previous cycle bottoms. Bitcoin mining company Cipher Mining sold 470 Bitcoins to invest in artificial intelligence data centers, reducing its reserves to 646 BTC.