Percent of supply in profit zoomed out over Bitcoin’s entire history. During parabolic pumps, it’s no surprise, basically everyone was in profit. Bear‑market lows have always happened below 50%. Back in 2015 and 2018/19 we hit 42–43%, in 2022 we hit 47.86%, and this year we reached 48.71%. Can we go lower? Yes. Is it a certainty? No. One thing is obvious though, this bear market is closing in on its end.
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