Bitcoin Bear Market Nears End as Supply Hits New Lows

The Bitcoin price has been steadily declining over the past few weeks, and it appears to be nearing the end of the bear market. According to K33 Research, a Norwegian crypto research house, more than half of the circulating Bitcoin supply is now at a loss. This metric, known as 'Supply in Loss,' measures what share of coins last moved above the current market price.

The 50% threshold has only been reached near major lows in previous bear markets. In 2011, 2018, and 2022, Bitcoin formed a bottom within 31 days, while it took 101 days to reach this point in 2014. The sell-off accelerated through record outflows of 85,643 BTC from exchange-traded products within four weeks.

K33 maintains USD 60,000 as the cycle low, while market maker Wintermute warns against premature calls for a bottom. BlackRock is also making moves in the crypto space, filing its fourth amendment to the registration of the iShares Bitcoin Premium Income ETF (BITA) with the SEC. This fund holds shares of the spot ETF IBIT and sells call options against them, providing monthly distributions but capping participation in strong price gains.

Meanwhile, Citigroup is launching a platform for trading tokenized shares of private companies through the Swiss SIX Digital Exchange (SDX). The bank acts as both custodian and tokenization agent here. Reuters has also analyzed the Trump family's crypto business, estimating their profits from four projects at around USD 2.3 billion.

Lastly, Blockworks is consolidating the crypto data market by acquiring competitor Messari for just over USD 10 million. This deal reflects the drastic valuation corrections for crypto startups in the current harsh market environment.