Bitcoin Supply Underwater as Market Enters Final Phase

Nearly half of the circulating supply of Bitcoin is being held at a loss, according to data from CryptoQuant.

On August 5, contributor Darkfost wrote that only 52% of Bitcoin's supply is currently in profit, leaving close to half of all coins underwater.

This indicator has historically marked a key turning point in bear markets when it falls to around 50%, signaling the current downturn is already well advanced.

Darkfost added that while the exact bottom price cannot be known, the market is entering the final phase of the bear market. Historically, this has been a hallmark of the process leading to a final bottom.