Bitcoin's supply in profit is approaching levels typical of a true bear market, according to a CryptoQuant analyst. Current metrics suggest the market is nearing conditions seen during the 2022 downturn, though some experts caution against immediate undervaluation signals.
- Bitcoin's supply in profit is at 11.2 million BTC, nearing 2022 bear market levels.
- 8.2 million BTC are currently at a loss, matching levels from late 2022.
- The last bear market saw 9 million BTC in profit and 10.6 million BTC in loss at its lowest point.
- Bitcoin has declined 52% from its all-time high, less severe than previous bear market drawdowns of 77% to 84%.
- Analysts debate whether the market is signaling undervaluation or increasing stress.
- The US dollar's strength and global liquidity conditions are influencing Bitcoin's performance.
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