比特幣供應利潤暴跌至 90%，預示著潛在的熊市底部

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

比特幣供應量利潤暴跌至 90%，預示著潛在的底部

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.

鏈上分析顯示，近期價格暴跌導致比特幣跌破 65,000 美元大關後，比特幣供應利潤大幅下降。正如分析師 James Van Straten 所觀察到的那樣，大約 10% 的 BTC 供應目前正在遭受損失。

Measuring Supply Profitability through "Percent Supply in Profit"

透過「供應占利潤百分比」衡量供應獲利能力

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.

「利潤供應百分比」指標監控持有未實現收益的比特幣流通總量的百分比。透過檢查每個流通代幣的區塊鏈歷史記錄，該指標可以確定其最後一次轉移的價格。假設交易中所有權發生變化，該價格被視為代幣的成本基礎。

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.

成本基礎低於當前現貨價格的代幣被視為盈利，而高於當前現貨價格的代幣則被視為虧損。利潤中的供應百分比統計所有有利可圖的代幣，以計算它們在總供應量中的比例。相反，供應損失百分比捕獲不符合此標準的代幣。

Sharp Decline in Bitcoin Profitability

比特幣獲利能力急遽下降

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

下圖顯示了比特幣供應占利潤百分比的近期趨勢：

[Insert Chart from NewsBTC]

[插入 NewsBTC 的圖表]

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.

從圖表中可以明顯看出，隨著加密貨幣的價格大幅下跌，利潤中的供應百分比大幅下降。該指標目前徘徊在 90% 左右，意味著大約 10% 的供應正在遭受損失。值得注意的是，該指標上次觸及這些水準是在 3 月 22 日，恰逢該資產之前的價格觸底。

Implications for Market Dynamics

對市場動態的影響

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.

比特幣供應量的利潤水準通常與市場頂部一致。這是因為從所持股票中獲利的投資者更有可能出售股票，這可能引發拋售。相反，當投資者獲利能力下降時，市場觸底的可能性就會增加。

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.

雖然目前90%的數值仍然較高，但在牛市期間並不罕見。強勁的需求和對歷史高點的追求通常會導致利潤中供應高度集中。

Cooling Profitability and Price Continuation

獲利能力降溫和價格延續

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.

與之前的水平相比，最近比特幣盈利能力的降溫可能是牛市持續的好兆頭，這反映了上個月觀察到的市場行為。

Current Price and Market Sentiment

目前的價格和市場情緒

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.

截至撰寫本文時，比特幣交易價格約為 65,700 美元，過去一周下跌超過 5%。儘管最近價格波動，但市場情緒仍然樂觀，分析師預計在不久的將來可能會出現上漲趨勢。

Conclusion

結論

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.

比特幣供應量的下降預示著潛在的重要市場發展。從歷史上看，低盈利水平與市場觸底同時發生，這表明最近的價格暴跌可能為投資者創造了進入市場的機會。由於市場需求仍然強勁，對歷史新高的追求仍在繼續，投資者獲利能力的降溫可能有助於當前牛市的延續。