CryptoQuant analysts said that the share of unprofitable bitcoins has exceeded 45%

CryptoQuant analysts reported that the share of bitcoins BTC $71,736.24 Mezo Wrapped BTC 2.04% Market capitalization $39.98 million VOL. 24 hours $2.51 billion that are at a loss is growing again and is approaching the level of 40−45%. This means that more and more investors are holding assets at a price higher than the current market price.

According to historical data, similar values were observed during the market’s transition to bearish phases or during periods of deep corrections, such as in 2015, 2019, and 2022. Back then, the growth in the share of coins in the loss was accompanied by increased pressure on the market and the realization of losses.

Experts note that the current dynamics may indicate a weakening of the market structure. More and more participants are holding bitcoin below the purchase price, which has traditionally coincided with a deterioration in sentiment. At the same time, the key market bottom was usually formed only when the share of supply in the loss exceeded 50%. Current values have not yet reached this level.

Thus, the indicator signals increased stress in the market, but historically it corresponds only to the early stage of a bear cycle. This means that the final phase has not yet arrived.

Additionally, CryptoQuant drew attention to the coin retention indicator, which ranges from one week to a month. Its sharp drop usually occurred near the lows of previous cycles. Currently, the indicator has also decreased, which may indicate that the market is approaching an undervaluation zone, although it is too early to talk about the final «bottom».