Bitcoin Profit Supply Rebounds to 57.5%, Nears 60% But Bull Market Confirmation Uncertain

According to CryptoQuant data cited by ChainCatcher, Bitcoin's supply in profit has risen to 57.5%, approaching the 60% level. This represents a significant recovery from a June 30 low of 46.2%.

However, historical market cycles indicate two conditions must be met to confirm a new bull market: Bitcoin's profit supply must sustain above 64%, and the 30-day simple moving average of long-term holders' spent output profit ratio (LTH-SOPR) must remain consistently above 1. Currently, the LTH-SOPR metric has been below 1 for over 50 consecutive days, signaling renewed downside risk.