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Analyst: Bitcoin holders have overall returned to a profitable state, but it is still too early to confirm that a new bull market has formed.

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ME News, July 24 (UTC+8). CryptoQuant data shows that Bitcoin’s profitable supply share has rebounded from 46.2% on June 30 to 57.5% on July 22, regaining the 50% level and nearing 60%. However, analysts believe that while Bitcoin holders have broadly returned to profitability, this is still not enough to confirm that a new bull market has already begun. CryptoQuant analysts said that in past bear markets, the end typically required two conditions to be met at the same time: the 30-day simple moving average of long-term holder SOPR staying above 1, and the profitable supply share rising to 64% or higher. This cycle had previously seen a failed breakout. From April 28 to June 1, the long-term holder SOPR average remained above 1 for 35 consecutive days, and the profitable supply share also climbed to 67%, but both indicators then fell back. Since then, the long-term holder SOPR 30-day moving average has remained below 1 for more than 50 consecutive days, indicating that on-chain transfers by long-term holders are still mainly at a loss. At the same time, spot market demand remains weak, though institutional Bitcoin allocations have rebounded somewhat. Analysts believe that while current profitability indicators are improving, whether the recovery can continue still needs further confirmation. (Source: BlockBeats)
BTC-1.49%
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