BTC on-chain profit/loss supply convergence signals potential market bottom

The on-chain supply of Bitcoin in profit is converging with the supply held at a loss, a phenomenon often observed at market bottoms, CoinDesk reported, citing Glassnode data. Currently, 11.1 million BTC are in a profitable position, while 8.9 million BTC are at a loss, with the gap between the two narrowing amid price declines. The outlet noted that this same pattern occurred in November 2022, March 2020, January 2019, and 2015. It added that the price point at which the profitable and loss-making supplies would equalize is around $60,000.