Bitcoin investors’ expectations evolve as 88% of BTC supply is in profit
Bitcoin's market dynamics are changing, with 88% of its supply currently in profit. Losses are primarily among buyers in the $95,000-$100,000 range. The price recovery from a long-term mean of 75% indicates a reset in investor expectations, suggesting that the $75,000–$95,000 range may represent a market bottom. A significant decrease in holder sales through exchanges has been observed, with a 1.5x reduction in the total exchange flow to network activity ratio since Bitcoin's all-time high, indicating more organic growth. High profitability and reduced exchange inflows suggest diminished selling pressure, leading to a bullish sentiment among investors. The Market Value to Realized Value (MVRV) Ratio has returned to its long-term mean of 1.74, signaling a cooling of unrealized gains and potential support for future growth. The Network Value to Transactions (NVT) ratio is neutral at 0.5, contrasting with previous overbought signals. Current market behavior indicates that profitable investors may be less inclined to sell, reinforcing the bullish outlook.
