Bitcoin Loss-Making Supply Now Exceeds Profitable Share, Analyst Says

The signal here is less about the loss/profit flip itself than about how far the metric sits from the threshold the analyst frames as historically marking pullback lows. That gap matters because it defines whether this is a mid-cycle reset or something closer to capitulation territory, and the answer isn't yet visible in the data. For holders, the practical question is whether the sub-45% reading stabilizes or keeps sliding toward the level that has previously coincided with bottoms. Watch whether this becomes a floor or a waypoint.