BTC Supply Nears 60% Profit, But Market Recovery Remains Fragile

Bitcoin (BTC) investors are once again in profit, but onchain data suggests it's too early to confirm a new bull market.

CryptoQuant notes that supply in profit is now approaching 60%, up from its 2026 low of 46% less than a month ago.

However, long-term holder onchain losses continue to dominate, serving as a caveat in a bullish recovery.

The spent output profit ratio (SOPR) of long-term holders (LTHs) is improving, but it has not yet met the necessary requirements for a market recovery.

In previous bear markets, both supply in profit and LTH-SOPR had to meet specific thresholds before a new bull market could be confirmed.