Bitcoin nears cycle bottom as over half of supply is held at a loss, says K33
K33 said Bitcoin has historically bottomed within weeks of more than half of its circulating supply being held at a loss, with strong one-year returns following in most previous cycles.
The growing Bitcoin supply held at a loss suggests that the crypto market is nearing its cycle bottom, according to digital asset brokerage company K33.
Over 50% of all Bitcoin (BTC) is currently held at a loss, K33 said in a report published Tuesday.
K33 added that because the past year’s bull market was less extreme than previous cycles, the current downturn could also be less severe.