Bitcoin supply in profit tops 71%, near bullish shift: Bitfinex

The 71% supply-in-profit threshold carries weight because it has historically coincided with regime shifts, not just price recoveries. That this level is approached amid subdued volatility suggests the market may be consolidating rather than decisively turning, which makes the next move in volatility the key signal to watch. The metric's significance lies in its role as a sentiment gauge for long-term holders, and whether it sustains above this zone or rolls over will likely define the market's near-term character.