At the moment, only 13.5% of STH supply is in profit. Around 86.5% of STH supply remains at a loss.


This points to three things:
1) The market is still in a zone of severe unrealized pain.
2) The price recovery has not yet reached a broad share of STH supply.
3) Conditions are consistent with the late stage of a bear market, but they do not yet confirm a reversal, as the indicator can remain below 20% for months.
The main sign of improvement will appear when the chart moves sustainably back above 20% and then begins moving toward the 40-50% range.
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