Bitcoin supply in profit hits multi-year lows; institutional outflows persist on Coinbase, but on-chain metrics suggest capitulation may not be complete.
Macro & Markets ·
Bitcoin's proportion of supply in profit has reached multi-year lows, with analysts identifying this range as a potential capitulation zone, though confirmation of a market bottom remains uncertain. Institutional investors on Coinbase have maintained sustained selling pressure over 90 consecutive days according to the Coinbase Premium Index. The SOPR indicator shows that neither short-term nor long-term Bitcoin holders have yet experienced true mass capitulation, suggesting further downside may occur before the bottom is established.