Bitcoin's Market Structure Points to Potential Bottoming Phase

A report from Glassnode has sparked interest in the Bitcoin community by suggesting that the cryptocurrency may be closer to the bottoming phase than the early stages of a bear market.

The report uses the Total Supply in Loss metric, which measures the amount of Bitcoin held at a net unrealized loss on the blockchain. This indicator is often used to gauge the health of the market and identify potential market bottoms.

According to Glassnode, the 7-day average value of the metric is currently sitting at its highest level since the end of the last bear market. Historically, this metric has indicated that a market bottom is near when it reaches high levels.