Bitcoin supply profitability state 👇

To put the current supply profitability into perspective, the chart below highlights three typical cycle phases over the last 5 years.

Bottom Discovery :red_square: where less than 58% (-1 std) of circulating coins are in profit.
Bear/Bull Transition :yellow_square: where the market is recovering from the Bottom Discovery phase (or falling from Euphoria) by trading within 58% of supply in profit and 90%.
Euphoria :green_square: where most coins are in profit as the price is reaching the last ATH (+1 std).

The market has been within the Bear/Bull Transition phase for the past 10 months, as it recovered from the 2022 bear trend. The majority of 2023 has traded below the all-time average, with the October rally being the first sustained break above.