Analyst: 50% of BTC supply at a loss is a historical bottom signal

With nearly half of the Bitcoin supply now at an on-chain loss, an analysis suggests the market may have bottomed out. The Crypto Basic reported that on-chain analyst Crypto Rand said on X that 50% of the Bitcoin supply is currently unprofitable. He noted that this phenomenon has occurred three times in the past, with each instance marking the exact market bottom. Separately, data from on-chain platform CryptoQuant indicates that 48.7% of the circulating supply, approximately 9.7 million BTC, is currently in a loss position. Similar levels were previously observed during major market crashes in November 2022, December 2018, and January 2015, all of which coincided with bear market troughs and were followed by recoveries.