Glassnode: BTC Near Cycle Bottom as Profit and Loss Positions Converge

ChainCatcher news, according to Glassnode data, currently about 11.1 million BTC are in a profitable state (i.e., purchase cost is lower than the current market price), while about 8.9 million BTC are in a loss state. As the gap between the two continues to narrow, the BTC profit supply versus loss supply indicator (Supply in Profit vs Supply in Loss) is approaching a historically significant convergence range that has appeared multiple times. This indicator is used to measure the number of wallets currently in a book profit state versus those in a loss state. When the two gradually become balanced, historically it often corresponds to a market phase bottom area, and is considered an important signal of market surrender and long-term positioning opportunities. If the profit and loss supply further converges, it may indicate that the market is entering a historically common cycle bottom building phase, but it still needs to be comprehensively judged in combination with macro liquidity, derivatives structure, and market sentiment factors.