比特币供应利润暴跌至 90%，预示着潜在的熊市底部

Bitcoin Supply in Profit Plummets to 90%, Signaling Potential Bottom

比特币供应量利润暴跌至 90%，预示着潜在的底部

On-chain analysis reveals a significant decline in the Bitcoin supply in profit following the recent price crash that saw the asset dip below the $65,000 mark. As analyst James Van Straten observed, approximately 10% of the BTC supply is now incurring losses.

链上分析显示，近期价格暴跌导致比特币跌破 65,000 美元大关后，比特币供应利润大幅下降。正如分析师 James Van Straten 观察到的那样，大约 10% 的 BTC 供应量目前正在遭受损失。

Measuring Supply Profitability through "Percent Supply in Profit"

通过“供应占利润百分比”衡量供应盈利能力

The "Percent Supply in Profit" indicator monitors the percentage of the total circulating Bitcoin supply holding an unrealized gain. By examining the blockchain history of each circulating coin, the metric determines the price at which it was last transferred. This price is considered the cost basis for the coin, assuming a change of ownership in the transaction.

“利润供应百分比”指标监测持有未实现收益的比特币流通总量的百分比。通过检查每个流通代币的区块链历史记录，该指标可以确定其最后一次转移的价格。假设交易中所有权发生变化，该价格被认为是代币的成本基础。

Coins with a cost basis below the current spot price are deemed profitable, while those above are considered in loss. The Percent Supply in Profit tallies all profitable coins to calculate their proportion of the total supply. Conversely, the Percent Supply in Loss captures coins not meeting this criterion.

成本基础低于当前现货价格的代币被视为盈利，而高于当前现货价格的代币则被视为亏损。利润中的供应百分比统计所有有利可图的代币，以计算它们在总供应量中的比例。相反，供应损失百分比捕获不符合此标准的代币。

Sharp Decline in Bitcoin Profitability

比特币盈利能力急剧下降

The following chart illustrates the recent trend in Bitcoin's Percent Supply in Profit:

下图显示了比特币供应占利润百分比的近期趋势：

[Insert Chart from NewsBTC]

[插入 NewsBTC 的图表]

As evident from the chart, the Percent Supply in Profit has plummeted significantly as the cryptocurrency's price has endured a substantial drawdown. Currently hovering around 90%, the indicator implies that approximately 10% of the supply is experiencing losses. Notably, the last time the metric touched these levels was on March 22, which coincided with the asset's previous price bottom.

从图表中可以明显看出，随着加密货币的价格大幅下跌，利润中的供应百分比大幅下降。该指标目前徘徊在 90% 左右，意味着大约 10% 的供应正在遭受损失。值得注意的是，该指标上次触及这些水平是在 3 月 22 日，恰逢该资产之前的价格触底。

Implications for Market Dynamics

对市场动态的影响

Elevated levels of Bitcoin supply in profit generally coincide with market tops. This is because investors who are profiting from their holdings are more likely to sell, potentially triggering a sell-off. Conversely, when investor profitability drops, the likelihood of a market bottom increases.

比特币供应量的利润水平通常与市场顶部一致。这是因为从所持股票中获利的投资者更有可能出售股票，从而可能引发抛售。相反，当投资者盈利能力下降时，市场触底的可能性就会增加。

While the current value of 90% is still relatively high, it is not uncommon during bull markets. Strong demand and the pursuit of all-time highs typically result in a high concentration of supply in profit.

虽然目前90%的数值仍然较高，但在牛市期间并不罕见。强劲的需求和对历史高点的追求通常会导致利润中供应高度集中。

Cooling Profitability and Price Continuation

盈利能力降温和价格延续

The recent cooling off of Bitcoin profitability compared to earlier levels may bode well for the continuation of the bull run, mirroring the market behavior observed last month.

与之前的水平相比，最近比特币盈利能力的降温可能是牛市持续的好兆头，这反映了上个月观察到的市场行为。

Current Price and Market Sentiment

目前的价格和市场情绪

At the time of writing, Bitcoin is trading around $65,700, marking a decrease of over 5% in the past week. Despite the recent price fluctuations, the market sentiment remains positive, with analysts anticipating a potential upward trajectory in the near future.

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%。尽管最近价格波动，但市场情绪仍然乐观，分析师预计在不久的将来可能会出现上涨趋势。

Conclusion

结论

The decline in Bitcoin's supply in profit signals a potentially important market development. Historically, low profitability levels have coincided with market bottoms, suggesting that the recent price crash may have created an opportunity for investors to enter the market. As market demand remains strong and the pursuit of new all-time highs continues, the cooling off of investor profitability may contribute to the continuation of the current bull run.

比特币供应量的下降预示着潜在的重要市场发展。从历史上看，低盈利水平与市场触底同时发生，这表明最近的价格暴跌可能为投资者创造了进入市场的机会。由于市场需求依然强劲，对历史新高的追求仍在继续，投资者盈利能力的降温可能有助于当前牛市的延续。