Bitcoin supply in profit heads to ‘true bear market’ levels

Written by Martin Young, Staff WriterReviewed by Felix Ng, Staff EditorBitcoin supply in profit heads to ‘true bear market’ levels10 hours agoCryptoQuant data shows there are 8.2 million Bitcoin currently at a loss, which is still under the amount of Bitcoin at a loss during the 2022 bear market.       Listen0: 00 Cointelegraph in your social feed           The amount of Bitcoin supply in profit and loss is now getting closer to levels typical of a bear market, according to a CryptoQuant analyst. There are currently about 11.2 million Bitcoin (BTC) in profit. The previous bear market recorded 9 million BTC in profit at its lowest point, CryptoQuant analyst “Darkfost” said Thursday. CryptoQuant data also shows there are about 8.2 million Bitcoin at a loss, with Glassnode data confirming it’s at levels not seen since late 2022. “This is quite significant, considering that during the last bear market this figure reached about 10.6 million BTC, ” Darkfost said. Analysts have been debating whether Bitcoin has further to fall this year amid growing global turmoil. Bitcoin metrics that show a movement toward previous cycle lows could suggest that a market bottom is getting closer. “This suggests that the market is reaching a notable level of undervaluation, comparable to the conditions observed during the previous bear market, ” the analyst added. Analyst sees increasing market stress, not undervaluation However, Andri Fauzan Adziima, research lead at the Bitrue exchange, argued the data signals “increasing market stress, not immediate undervaluation. ”True capitulation bottoms saw deeper pain, he told Cointelegraph.