比特币盈利能力在调整中下降，预示着看涨机会

在最近的比特币价格暴跌之后，链上数据显示，利润中的比特币供应量大幅下降。 “利润供应百分比”指标追踪流通比特币持有未实现收益的百分比，已降至 90% 左右，表明目前约有 10% 的供应量处于亏损状态。

Bitcoin Profitability Plunges Amidst Market Downturn, Signaling Potential Bullish Respite

市场低迷期间比特币盈利能力暴跌，预示着潜在的看涨喘息机会

As Bitcoin's price underwent a significant correction towards the $65,000 level, on-chain data reveals a stark decline in the supply held in profit, indicating a potential shift in investor sentiment.

随着比特币价格大幅回调至 65,000 美元水平，链上数据显示利润中持有的供应量大幅下降，表明投资者情绪可能发生转变。

Supply in Profit Drops Sharply

利润供应急剧下降

According to analyst James Van Straten, approximately 10% of Bitcoin's circulating supply is now at a loss. The indicator used to gauge this, the "Percent Supply in Profit," tracks the percentage of the total supply holding an unrealized gain.

分析师 James Van Straten 表示，目前大约 10% 的比特币流通供应量处于亏损状态。用于衡量这一点的指标“利润中的供应百分比”跟踪了持有未实现收益的总供应量的百分比。

This metric calculates the cost basis of each coin by examining its transaction history on the blockchain. The coins with a cost basis below the current spot price are considered in profit and contribute to the Percent Supply in Profit.

该指标通过检查区块链上的交易历史记录来计算每种代币的成本基础。成本基础低于当前现货价格的代币被视为利润，并贡献于利润中的供应百分比。

Chart Analysis

图表分析

A chart depicting the trend in Bitcoin's Percent Supply in Profit over recent months shows a precipitous drop in the metric's value. This decline coincides with the cryptocurrency's price correction.

一张描绘近几个月比特币利润供应百分比趋势的图表显示，该指标的价值急剧下降。此次下跌与加密货币的价格调整同时发生。

The indicator has reached the 90% mark, indicating that about 10% of the supply is currently incurring a loss. Notably, the last time the metric dipped to this level was on March 22nd, which also marked the asset's previous market bottom.

该指标已达到90%大关，表明目前约有10%的供应量正在遭受损失。值得注意的是，该指标上次跌至这一水平是在 3 月 22 日，这也标志着该资产之前的市场底部。

Implications for Market Dynamics

对市场动态的影响

Historically, high levels of Percent Supply in Profit have often foreshadowed market tops, as investors in the green are more likely to sell their holdings. Conversely, bottoms tend to emerge when profitability levels drop, indicating diminished selling pressure.

从历史上看，利润中的高供应百分比往往预示着市场见顶，因为绿色投资者更有可能出售所持股份。相反，当盈利水平下降时，底部往往会出现，表明抛售压力减弱。

The current value of 90% remains relatively high but is not uncommon during bull runs characterized by strong demand and the pursuit of new all-time highs.

目前90%的价值仍然相对较高，但在以强劲需求和追求历史新高为特征的牛市期间并不罕见。

Bullish Outlook

看涨前景

The recent cooling-off in profitability may provide constructive support for the continuation of the rally, similar to what occurred last month. As investor profitability levels normalize, the likelihood of a mass selloff diminishes, allowing the rally to potentially extend its momentum.

与上个月发生的情况类似，近期盈利能力的降温可能为股市持续上涨提供建设性支持。随着投资者盈利水平正常化，大规模抛售的可能性就会降低，从而有可能延续反弹势头。

Price Movement

价格变动

At the time of writing, Bitcoin trades around $65,700, a decline of over 5% over the past week. The asset's price has been on a downward trajectory in recent days.

截至撰写本文时，比特币交易价格约为 65,700 美元，过去一周下跌超过 5%。最近几天，该资产的价格一直呈下降趋势。

Conclusion

结论

The plunge in Bitcoin's Percent Supply in Profit suggests a shift in investor sentiment, with a higher proportion of the supply entering a state of loss. While the metric remains elevated, its recent decline may indicate a potential tailwind for the continuation of the bullish trend, echoing the market behavior observed in March. Nonetheless, investors should exercise caution and conduct thorough due diligence before making any investment decisions.

比特币供应占利润的百分比暴跌表明投资者情绪发生了变化，更高比例的供应进入亏损状态。尽管该指标仍处于高位，但其最近的下跌可能表明看涨趋势持续存在潜在的推动力，这与 3 月份观察到的市场行为相呼应。尽管如此，投资者在做出任何投资决定之前应谨慎行事并进行彻底的尽职调查。