Yonsei_dent
Supply in Profit Nears 2022 Bear Market Lows
The Supply in Profit (%) metric indicates the percentage of the circulating Bitcoin supply that is currently held in profit. It is widely used to evaluate the current stage of the market cycle and identify potential phase transitions. Bull Market (Euphoria): Greater than 80% Transition Phase: 55% to 80% Bear Market / Bottom Phase: 55% or lower Currently, the Supply in Profit stands at 51.9%. It has consistently remained within the Bear Market / Bottom territory since June. The downward trend has not only persisted since October 2025, but the metric is also approaching the 44% range, which marked the absolute bottom of the 2022 bear market. During the previous cycle, the Bear Market / Bottom phase lasted for approximately 8 months. If we apply this historical timeline to our current data, this phase could potentially stretch until September or October. Assuming that market cycles repeat and exhibit similar patterns over time, the on-chain data strongly suggests that we are currently navigating toward the ultimate cycle bottom.