52% of BTC supply is in profit, signaling late-stage bear market: analyst

About 52% of the current Bitcoin supply is in profit, crypto analyst Darkfost said in an analysis, indicating roughly half of all BTC remains underwater. In a post on X, Darkfost said every past bear market saw the ratio fall below 50%, meaning loss-making supply exceeded profit-making supply for a period. The analyst added the metric briefly dipped under 50% in June and July, and said the market now appears to be entering the final phase of the bear market.