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. Selling pressure is gradually being absorbed.
bitcoin:native is shifting from weak hands to long-term investors.
History does not guarantee that the future will repeat.
However, considering on-chain data, the 45–50% Supply in Profit range has always been an area where long-term risk starts to decrease, while the reward/risk ratio becomes more attractive.
This is a time to monitor smart money, not the crowd's emotions.