FameEX Hot Topics | Bitcoin Investor Sentiment Shifts as 88% of Supply Turns Profitable

Bitcoin’s market structure is showing signs of stabilization, with 88% of its supply now in profit below the $95,000 mark. According to Glassnode, this indicates a major shift in investor expectations and behavior, especially as losses are largely confined to buyers in the $95,000–$100,000 range. This level of profitability, rebounding from a long-term average of 75%, reflects renewed investor confidence and highlights a likely structural bottom forming between $75,000 and $95,000—mirroring similar patterns seen in Q3 2024.

Historically, when Bitcoin's percentage supply in profit reached its long-term average of 75%, it preceded recovery phases. This occurred most notably in August 2024 when Bitcoin hovered near $60,000. The rebound to higher profitability zones now reinforces the thesis that the $75,000–$95,000 price range could be a key support area. This period is characterized not by panic selling but by consolidation and accumulation, as observed in previous market cycles.

Supporting this view, Bitcoin researcher Axel Adler Jr. pointed to a sharp 1.5x decrease in the total exchange flow to network activity ratio following the all-time high. This drop suggests a cooling of speculative activity and points to more organic market growth. In past cycles, high ratios typically indicated a rush to sell, but current levels show subdued urgency, strengthening the case for a healthier and more sustainable price structure.

Furthermore, diminished exchange inflows and strong on-chain profitability imply reduced selling pressure from long-term holders. With BTC trading between $75,000 and $95,000, many investors appear to view this zone not as a selling point but as a favorable accumulation range. This evolving mindset underscores a growing belief that Bitcoin remains undervalued, despite its recent price surge.

Lastly, sentiment indicators like the Market Value to Realized Value (MVRV) Ratio—currently at 1.74—support the view of a consolidating but optimistic market. This level has historically marked support during previous drawdowns. At the same time, the Network Value to Transactions (NVT) Ratio is neutral at 0.5, contrasting with the overbought signals from February 2025, indicating a healthier foundation for future growth and continued bullish momentum.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.