The current state of the Bitcoin market has led some analysts to suggest that it is nearing bear market levels. According to CryptoQuant data, there are approximately 11.2 million Bitcoin in profit, with about 8.2 million at a loss. This trend is comparable to previous bear markets, where such figures were typically seen.
Analyst Darkfost notes that during the last bear market, the figure of Bitcoins in profit reached around 9 million at its lowest point. The current numbers suggest that the market is reaching a notable level of undervaluation, similar to what was observed during previous bear markets.