Bitcoin's Profitable Supply Ratio Hits 52%, Nearing Bear Market End

According to CryptoQuant analyst Darkfost, Bitcoin's profitable supply ratio currently stands at 52%, indicating nearly half of all BTC holdings remain underwater. The analyst notes that historically, Bitcoin's profitable supply typically falls below 50% during bear market cycles, marking a critical juncture when losses dominate and market pressure accelerates.

Data shows the ratio briefly dipped below 50% in June and July 2026 but has stabilized near the threshold. Darkfost suggests the current bear cycle has entered a late stage, though the metric alone cannot determine the market bottom without considering capital flows and macro conditions.