Bitcoin On-Chain Metrics Approach Bear-Market Levels

Bitcoin's on-chain metrics have been trending towards bear-market levels, sparking a nuanced debate among analysts. According to CryptoQuant data analyzed by Darkfost, the current profit supply stands at approximately 11.2 million BTC, nearing the 9 million BTC threshold seen during the last bear market.

The juxtaposition of sizable profit supply and rising losses has led some to speculate about undervaluation similar to prior downturns. However, others caution that these signals may precede a period of consolidation rather than an imminent bottom.