CryptoQuant: Bitcoin's profitable supply has exceeded 85%, and the market may adjust when it exceeds 90%

On April 29th, CryptoQuant analyst Darkfost pointed out that the profitable supply in the Bitcoin market has exceeded 85%, approaching the historical excitement level of 90%. This ratio typically indicates that the market may be in a bullish phase. During the recent market correction, the profitable supply dropped to around 75%, close to a key level. Further declines could lead to more investors choosing to take profits or panic in the market. During past bear markets, the lowest profitable supply dropped to 45-50%. Historical data shows that when the profitable supply exceeds 90%, the market usually enters a brief period of excitement, but adjustments may follow. We are currently approaching this key level.