Over 50% of Bitcoin’s Supply Held at Loss Signals Cycle Bottom is Close: K33
The post Over 50% of Bitcoin’s Supply Held at Loss Signals Cycle Bottom is Close: K33 appeared on BitcoinEthereumNews.com. The growing Bitcoin supply held at a loss suggests that the crypto market is nearing its cycle bottom, according to digital asset brokerage company K33. Over 50% of all Bitcoin (BTC) is currently held at a loss, K33 said in a report published Tuesday. K33 added that because the past year’s bull market was less extreme than previous cycles, the current downturn could also be less severe. Historically, when more than half of the circulating supply has been underwater, Bitcoin has tended to be in the late stages of a bear market, making the metric one of several indicators analysts use to assess whether selling pressure may be nearing exhaustion. Percent of the circulating BTC supply in loss. Source: K33 Past Bitcoin cycles bottomed within weeks of the signal K33 said previous bear markets typically bottomed within weeks of more than half of Bitcoin’s supply being hel