{"id":6948,"date":"2026-02-24T18:18:44","date_gmt":"2026-02-24T18:18:44","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=6948"},"modified":"2026-02-24T18:18:44","modified_gmt":"2026-02-24T18:18:44","slug":"bitcoin-slides-into-worst-profit-cycle-in-history-as-59-of-supply-turns-red","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=6948","title":{"rendered":"Bitcoin slides into worst profit cycle in history as 59% of supply turns red"},"content":{"rendered":"<p><\/p>\n<div>\n<p>As Bitcoin trades in the low-$60,000s, the ledger shows nearly half of holders are sitting on losses.<\/p>\n<p>Newhedge\u2019s percent supply in profit gauge shows 51.78% of coins are in profit with BTC around $63,275, implying roughly 10.35 million BTC in profit versus 9.64 million BTC in loss.<\/p>\n<p>However, this weekend, analyst DurdenBTC\u2019s supply in profit tracker had flagged an even harsher read: 44.2% of coins were in profit when Bitcoin was still holding $68,000, a 0th-percentile reading.<\/p>\n<p>That number carries a specific kind of weight. It compresses years of market habit into a single percentage and frames the current scenario as a balance-sheet problem.<\/p>\n<p>Durden\u2019s note ties the reading to earlier capitulation baselines: December 2018 at $3,359 with 43% in profit; the COVID crash at $4,959 with 48%; and the FTX washout at $15,778 with 49%.<\/p>\n<p>Then he adds,<\/p>\n<blockquote>\n<p>\u201cBTC near $68k, more people underwater than when it traded near $3k.\u201d<\/p>\n<\/blockquote>\n<p>The intuitive shape of the claim is simple.<\/p>\n<p>A full cycle bought high, and the unwind shows up as overhead supply. Every rally has a seller inside waiting to get back to break-even.<\/p>\n<figure style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/HBufvdVWUAABq3Z?format=jpg&amp;name=medium\" alt=\"Bitcoin supply in profit (Source: DurdenBTC)\" width=\"1200\" height=\"771\"\/><figcaption class=\"wp-caption-text\">Bitcoin supply in profit (Source: DurdenBTC)<\/figcaption><\/figure>\n<p>This methodology makes this the worst cycle for Bitcoin investors since before 2016, when this specific tracker began. DurdenBTC&#8217;s method follows that of BGeometrics, which has since fallen to 41.2%.<\/p>\n<figure id=\"attachment_520844\" aria-describedby=\"caption-attachment-520844\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-520844 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.32.15-1024x502.png\" alt=\"Bitcoin supply in profit (Source: BGeometrics)\" width=\"1024\" height=\"502\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.32.15-1024x502.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.32.15-300x147.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.32.15-768x376.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.32.15-1536x753.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.32.15-2048x1004.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"\/><img decoding=\"async\" class=\"lazyload wp-image-520844 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.32.15-1024x502.png\" alt=\"Bitcoin supply in profit (Source: BGeometrics)\" width=\"1024\" height=\"502\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.32.15-1024x502.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.32.15-300x147.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.32.15-768x376.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.32.15-1536x753.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.32.15-2048x1004.png 2048w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\"\/><figcaption id=\"caption-attachment-520844\" class=\"wp-caption-text\">Bitcoin supply in profit (Source: BGeometrics)<\/figcaption><\/figure>\n<p>To explain the differences in percentages, we understand the definitions properly to highlight which cohort we&#8217;re measuring.<\/p>\n<p>For example, CryptoQuant&#8217;s dashboard for percent supply in profit currently reads 51.6%.<\/p>\n<figure id=\"attachment_520835\" aria-describedby=\"caption-attachment-520835\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-520835 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Supply-in-Profit--1024x576.png\" alt=\"Bitcoin supply in profit (%) (Source: CryptoQuant)\" width=\"1024\" height=\"576\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Supply-in-Profit--1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Supply-in-Profit--300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Supply-in-Profit--768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Supply-in-Profit--1536x864.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Supply-in-Profit--2048x1152.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"\/><img loading=\"lazy\" decoding=\"async\" class=\"lazyload wp-image-520835 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Supply-in-Profit--1024x576.png\" alt=\"Bitcoin supply in profit (%) (Source: CryptoQuant)\" width=\"1024\" height=\"576\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Supply-in-Profit--1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Supply-in-Profit--300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Supply-in-Profit--768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Supply-in-Profit--1536x864.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Supply-in-Profit--2048x1152.png 2048w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\"\/><figcaption id=\"caption-attachment-520835\" class=\"wp-caption-text\">Bitcoin supply in profit (%) (Source: CryptoQuant)<\/figcaption><\/figure>\n<p>That materially different picture points to a split between dormant coins and the coins that actually move through the market\u2019s plumbing.<\/p>\n<p>CryptoQuant&#8217;s own framing helps explain how the gap can exist. It describes it as an \u201cactive circulating supply\u201d cost basis that excludes long-inactive coins, steering the lens toward investors with fresh receipts and fresh pain.<\/p>\n<p>That is where the story stops being a paradox and starts being a map. The long tail of old coins can sit in profit on paper, while the live float still feels like a room full of buyers trapped above spot.<\/p>\n<p>DurdenBTC\u2019s read comes in lower because, like BGeometrics, he\u2019s effectively grading profitability on the coins that <em><strong>actually changed hands in this cycle<\/strong>, <\/em>tagging supply to the market price at each coin\u2019s last on-chain move, so the score is dominated by UTXOs minted at 2021\u20132024 cost bases that now sit above spot.<\/p>\n<p>Dashboards like CryptoQuant, by contrast, sum profitability across the full live UTXO set in a value-weighted way, which lets large, long-dormant outputs with ultra-low cost bases keep a larger share of the supply \u201cin profit\u201d and boost the percentage.<\/p>\n<p>In other words: Durden\u2019s lens tilts toward the churned float and recent receipts; the broader UTXO-sum trackers still carry the cushioning effect of old coins that haven\u2019t had to \u201creprice\u201d on-chain.<\/p>\n<h2>Why this matters for Bitcoin\u2019s next move<\/h2>\n<p>Further, the short-term holder&#8217;s realized price is near $91,000, while the long-term holder&#8217;s realized price is near $38,000. The aggregate realized price is around $54,000.<\/p>\n<figure id=\"attachment_520836\" aria-describedby=\"caption-attachment-520836\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-520836 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Short-Term-Holders-Long-Term-Holders-Realized-Price-1024x576.png\" alt=\"Bitcoin STH \/ LTH realized price (Source: CryptoQuant)\" width=\"1024\" height=\"576\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Short-Term-Holders-Long-Term-Holders-Realized-Price-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Short-Term-Holders-Long-Term-Holders-Realized-Price-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Short-Term-Holders-Long-Term-Holders-Realized-Price-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Short-Term-Holders-Long-Term-Holders-Realized-Price-1536x864.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Short-Term-Holders-Long-Term-Holders-Realized-Price-2048x1152.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"\/><img loading=\"lazy\" decoding=\"async\" class=\"lazyload wp-image-520836 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Short-Term-Holders-Long-Term-Holders-Realized-Price-1024x576.png\" alt=\"Bitcoin STH \/ LTH realized price (Source: CryptoQuant)\" width=\"1024\" height=\"576\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Short-Term-Holders-Long-Term-Holders-Realized-Price-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Short-Term-Holders-Long-Term-Holders-Realized-Price-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Short-Term-Holders-Long-Term-Holders-Realized-Price-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Short-Term-Holders-Long-Term-Holders-Realized-Price-1536x864.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Bitcoin-Short-Term-Holders-Long-Term-Holders-Realized-Price-2048x1152.png 2048w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\"\/><figcaption id=\"caption-attachment-520836\" class=\"wp-caption-text\">Bitcoin STH \/ LTH realized price (Source: CryptoQuant)<\/figcaption><\/figure>\n<p>BTC today sits around $63,275, about -48.766% from the prior all-time high.<\/p>\n<p>That is deep enough to knock leverage loose, but shallow enough to keep the \u201cthis is still expensive\u201d instinct alive in the broader public narrative.<\/p>\n<p>The emotional mismatch comes from that combination: a high nominal sticker with a low profitability ratio.<\/p>\n<p>It is the kind of setup that produces quiet capitulation. It happens in steps, in forced sales, in smaller wallets going flat, and in larger wallets waiting for liquidity to return.<\/p>\n<h2>The corridor the market keeps trading back into<\/h2>\n<p>Glassnode\u2019s most recent framing pulls the corridor slightly lower: the True Market Mean sits near ~$79,000, and the Realized Price near ~$54,000.<\/p>\n<p>It frames them as structural markers for active cost basis and historical re-engagement behavior, according to Glassnode\u2019s Week On-chain.<\/p>\n<p>Think of it as a corridor made of receipts. The upper band marks where active buyers, as a group, get their breath back.<\/p>\n<p>The lower band marks where longer-term capital has tended to step in when the tape looks broken.<\/p>\n<p>Inside that corridor, Glassnode previously highlighted a dense URPD cluster from $66,900 to $70,600.<\/p>\n<p>At $63,000 spot, that cluster reads less like a place to \u201csettle\u201d and more like the first overhead shelf a rebound has to reclaim before any recovery narrative can breathe.<\/p>\n<p>More broadly, Glassnode\u2019s latest Week On-chain describes a dense demand zone between $60k and $69,000 absorbing sell pressure, a wider cluster that now matters because it is the range the market is actually leaning on.<\/p>\n<p>This matters for a profitability-collapse story because the first job of any rebound is mechanical.<\/p>\n<p>Price has to trade through dense cost-basis zones, and it has to do so with enough volume that sellers get absorbed instead of rewarded for waiting.<\/p>\n<p>The ledger already shows stress as a cash-flow fact. Glassnode reports realized losses with a seven-day SMA above about $1.26 billion per day, with spikes above $2.4 billion per day during sharp sell windows.<\/p>\n<p>That is what capitulation looks like when you measure it in transactions instead of sentiment.<\/p>\n<p>At the same time, front-end implied volatility repriced toward about 70%, and downside skew steepened.<\/p>\n<p>Together, that reads like a market paying for near-term protection and treating discontinuity as a normal operating condition.<\/p>\n<p>That vol level offers a clean way to talk about range using a simple implied cone.<\/p>\n<p>BTC around $63,300 with 70% annualized IV maps to roughly \u00b19.7% over one week (about $57,100 to $69,400) and roughly \u00b120.1% over one month (about $50,600 to $76,000).<\/p>\n<p>It is a forecast of turbulence and a reminder that the market\u2019s gears still spin fast even when the narrative slows down.<\/p>\n<h2>Flows, overhead supply, and the bid that flickers<\/h2>\n<p>Profitability collapses become consequential when they meet flow regimes, and the past few weeks look like a regime that lost some of its steady demand.<\/p>\n<p>Glassnode describes allocator demand softening and spot volume staying structurally weak, which turns relief rallies into corrective moves that struggle to become trend changes.<\/p>\n<p>The ETF tape helps frame that shift in daily increments.<\/p>\n<p>Since October&#8217;s all-time high, billions have left ETFs in outflows, with coins leaving on the majority of trading day this year, with occasional inflows.<\/p>\n<figure id=\"attachment_520837\" aria-describedby=\"caption-attachment-520837\" style=\"width: 599px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-520837\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.07.49-1024x800.png\" alt=\"Bitcoin ETF flows (Source: Farside Investors)\" width=\"599\" height=\"468\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.07.49-1024x800.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.07.49-300x234.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.07.49-768x600.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.07.49.png 1160w\" sizes=\"(max-width: 599px) 100vw, 599px\"\/><img loading=\"lazy\" decoding=\"async\" class=\"lazyload wp-image-520837\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.07.49-1024x800.png\" alt=\"Bitcoin ETF flows (Source: Farside Investors)\" width=\"599\" height=\"468\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.07.49-1024x800.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.07.49-300x234.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.07.49-768x600.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-24-at-13.07.49.png 1160w\" data-sizes=\"(max-width: 599px) 100vw, 599px\"\/><figcaption id=\"caption-attachment-520837\" class=\"wp-caption-text\">Bitcoin ETF flows (Source: Farside Investors)<\/figcaption><\/figure>\n<p>Stablecoins add a second flow lens because they function as the market\u2019s wrapper, keeping value on-chain while investors choose when to take exposure.<\/p>\n<p>This month, CryptoSlate reported more than $4 billion net stablecoin withdrawals from exchanges, including about $3.1 billion from Binance.<\/p>\n<p>That followed an earlier October 2025 period with about $9.7 billion average monthly net inflows.<\/p>\n<p>Together, it supports a picture of capital stepping back from immediate deployment and shifting into a more defensive posture.<\/p>\n<div id=\"cs-inline-newsletter-699de1841f214\" class=\"cs-inline-newsletter\" data-inline-newsletter=\"\">\n<div class=\"cs-inline-newsletter__inner\">\n<div class=\"cs-inline-newsletter__content\"> <span class=\"cs-inline-newsletter__eyebrow\">CryptoSlate Daily Brief<\/span><\/p>\n<h3 class=\"cs-inline-newsletter__title\">Daily signals, zero noise.<\/h3>\n<p class=\"cs-inline-newsletter__copy\">Market-moving headlines and context delivered every morning in one tight read.<\/p>\n<p> <span><i class=\"fa-regular fa-bolt\" aria-hidden=\"true\"\/> 5-minute digest<\/span> <span><i class=\"fa-regular fa-star\" aria-hidden=\"true\"\/> 100k+ readers<\/span><\/p>\n<\/div>\n<div class=\"cs-inline-newsletter__form-shell\">\n<p class=\"cs-inline-newsletter__privacy\">Free. No spam. Unsubscribe any time.<\/p>\n<p> <i class=\"fa-regular fa-circle-xmark\" aria-hidden=\"true\"\/> <span>Whoops, looks like there was a problem. Please try again.<\/span><\/p>\n<p> <i class=\"fa-regular fa-circle-check\" aria-hidden=\"true\"\/> <span>You\u2019re subscribed. Welcome aboard.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>Mining adds a third pressure point because miners carry a real-world cost curve and a treasury that can become a seller in stressed tapes.<\/p>\n<p>Hashrate Index put USD hashprice around $34.05 per PH per day and described the forward market implying about $28.73 on average across six months.<\/p>\n<p>That is a tight operating environment that can turn into forced sales if price breaks below key demand clusters and financing stays expensive.<\/p>\n<p>Overhead supply is the consequence that binds these threads.<\/p>\n<p>CryptoSlate\u2019s supply guide from earlier this month frames overhead supply around $93,000 to $110,000 and flags a short-term holder cost basis near $98,300.<\/p>\n<p>Those levels can act like taped seams in the market\u2019s plumbing, holding pressure until the system trades enough volume through them to seal the leaks.<\/p>\n<p>In a profitability-compression regime, those seams define where break-even selling emerges.<\/p>\n<p>They also help explain why rallies can feel heavy even when the headlines turn brighter.<\/p>\n<h2>Macro context, the outside weather that seeps into the pipes<\/h2>\n<p>Crypto trades inside the global risk budget, and recent macro stress has shown up in the usual cross-market tells.<\/p>\n<p>A U.S. tariff legal headline coincided with a move described as USD down, gold up, and bitcoin down.<\/p>\n<p>That fits the pattern of liquidity sensitivity during stress events.<\/p>\n<p>On rates, the Bank of England held at 3.75% with a 5\u20134 split and said Bank Rate is \u201clikely to be reduced further\u201d depending on inflation.<\/p>\n<p>That is an easing bias paired with ongoing uncertainty.<\/p>\n<p>U.S. rate expectations sit in the same neighborhood.<\/p>\n<p>BlackRock\u2019s iShares outlook described a drift in the expected 2026 path from 3.50\u20133.75% toward about 3% and noted leadership uncertainty as part of that backdrop.<\/p>\n<p>Morgan Stanley Research laid out additional 25-basis-point cuts to a 3.0\u20133.25% terminal range.<\/p>\n<p>It paired that with a view that tariffs temporarily lift inflation and that unemployment peaks around 4.7% in Q2 2026.<\/p>\n<p>This macro layer matters for the supply-in-profit story in a practical way.<\/p>\n<p>Easing expectations can support a rebound, but the on-chain picture still hinges on crypto-native liquidity, ETF flows, stablecoin deployment, and spot demand.<\/p>\n<p>Those are the pipes that carry new risk appetite into the market\u2019s actual order books.<\/p>\n<h2>Scenarios, framed as triggers and corridors<\/h2>\n<p>Glassnode provides three that matter here: the $60,000\u2013$69,000 demand zone the market is leaning on, the $66,900 to $70,600 dense URPD shelf, and the True Market Mean near ~$79,000, with the Realized Price near ~$54,900 as the deeper structural floor.<\/p>\n<h3>A base case looks like absorption and range.<\/h3>\n<p>Price churns inside the $60,000\u2013$69,000 demand band, realized losses cool from their recent pace, ETF flow days move closer to flat, and volatility gradually compresses from elevated levels.<\/p>\n<p>In that world, the market\u2019s \u201ctell\u201d is whether it can reclaim the $66,900\u2013$70,600 shelf and hold it, not as a wick, but as a lived-in level.<\/p>\n<h3>A downside case looks like deeper capitulation.<\/h3>\n<p>Price loses the lower end of the demand zone with momentum, liquidations accelerate, miner economics tighten into more treasury selling, and the tape trades down toward the Realized Price near ~$54,900.<\/p>\n<p>That is the historical zone where longer-term capital has tended to re-engage and where the market often tries to rebuild credibility after a break.<\/p>\n<h3>An upside case looks like a violent rebound into overhead supply.<\/h3>\n<p>Price reclaims the True Market Mean near ~$79,000, the market tests higher cost-basis bands, and the next heavy seam sits in the $93,000 to $110,000 overhead region.<\/p>\n<p>The short-term holder cost basis near $98,300 is a level where break-even selling can appear quickly if liquidity stays patchy.<\/p>\n<p>Across all three, the profitability collapse functions as a behavioral constraint.<\/p>\n<p>Underwater holders tend to sell when they get air, which means each rally has to do extra work and absorb inventory from recent buyers who want their receipt back.<\/p>\n<div class=\"post-bottom\">\n<div class=\"post-mentions-and-posted-in\">\n<div class=\"post-info-block post-mentions\">\n<header><span class=\"post-info__label\">Mentioned in this article<\/span><\/header>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Analysis,Bear Market,Featured,Market,Price Watch#Bitcoin #slides #worst #profit #cycle #history #supply #turns #red1771957124<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Bitcoin trades in the low-$60,000s, the ledger shows nearly half of holders are sitting on losses. Newhedge\u2019s percent supply in profit gauge shows 51.78% of coins are in profit with BTC around $63,275, implying roughly 10.35 million BTC in profit versus 9.64 million BTC in loss. However, this weekend, analyst DurdenBTC\u2019s supply in profit<\/p>\n","protected":false},"author":1,"featured_media":6949,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[91,641,2121,688,2007,1984,505,912,2244],"class_list":{"0":"post-6948","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ethereum","8":"tag-bitcoin","9":"tag-cycle","10":"tag-history","11":"tag-profit","12":"tag-red","13":"tag-slides","14":"tag-supply","15":"tag-turns","16":"tag-worst"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin slides into worst profit cycle in history as 59% of supply turns red - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=6948\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin slides into worst profit cycle in history as 59% of supply turns red\" \/>\n<meta property=\"og:description\" content=\"As Bitcoin trades in the low-$60,000s, the ledger shows nearly half of holders are sitting on losses. Newhedge\u2019s percent supply in profit gauge shows 51.78% of coins are in profit with BTC around $63,275, implying roughly 10.35 million BTC in profit versus 9.64 million BTC in loss. 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