BTC far from cycle bottom with only 9% of supply at a loss

According to an analysis by Glassnode, key indicators suggest Bitcoin is not yet near a cycle bottom. While BTC is trading at $110,000, only about nine percent of its supply is currently held at a loss. This contrasts with the previous cycle bottom, when more than 25% of the supply was in a loss position. Glassnode concluded that the current market downturn is therefore relatively shallow.