Given its persistent downward trend over the past weeks, the Bitcoin market dynamics are starting to see one of its most crucial changes in this cycle. One area that has significantly felt the heat of this ongoing bearish action is the holder profitability.
According to fresh data, the percentage of supply held in profit has now fallen to about 55%, which is considered a notably low level. However, this level is still slightly above those seen in previous bear market cycles. In the past, bear markets were able to lower this indicator below 50%, indicating that the market was dominated by unrealized losses.
Market Structure Showing A Massive Change Of HandsSince January 2023, MSTR has bought over 711,206 BTC and sold only 32 BTC, removing 711,174 BTC from circulation. Furthermore, ETFs absorbed 509,102 BTC, and MSTR purchased 650,706 BTC while the price was also at $63,000 in March 2024. Combined, that’s over 1,240,808 BTC removed from circulation, but the price is back at the same level.
