Bitcoin Supply in Profit Dips to Levels Approaching 2022 Bear Market

The Bitcoin supply in profit has been steadily declining over recent months, with approximately 11.2 million Bitcoins currently held at a loss and around 8.2 million held at a profit.

This trend is reminiscent of the 2022 bear market, where Bitcoin in profit fell to around 9 million at its lowest point while coins held at a loss peaked at around 10.6 million.

Glassnode data confirms that the number of Bitcoins held at a loss has reached levels not seen since late 2022.

Darkfost, a CryptoQuant analyst, noted that this development suggests a notable level of undervaluation, comparable to conditions observed during the previous bear market.

However, other analysts, such as Bitrue's Andri Fauzan Adziima, argue that the data reflects increasing market stress rather than immediate undervaluation.