Only about 45–50% of the bitcoin:native supply is currently profitable.

This is a range that previously appeared at the cycle bottoms of 2015, 2018, and 2022.
Most investors who bought at high prices are no longer profitable. The selling pressure is gradually being absorbed.
bitcoin:native is starting to shift from weak holders to long-term investors.
History doesn't guarantee the future will repeat itself.
But considering on-chain data, the 45–50% Supply in Profit range is always an area where long-term risk begins to decrease, while the profit/risk ratio becomes more attractive.
This is the time to monitor smart money, rather than the emotions of the crowd.