After excluding BTC that has been dormant for over 10 years, the market's profitable supply ratio has remained at around 60% for several consecutive months.

October 7 — CryptoQuant analyst Darkfost stated that since August, after excluding BTC that has not moved for over 10 years, the proportion of Bitcoin supply in profit has remained at around 60%. This portion of long-unmoved BTC is currently in deep profit and has low liquidity, with a considerable part likely already lost; therefore, excluding it provides a more accurate reflection of the current market state.

At present, most BTC has re-entered profitable territory, but from a medium- to long-term perspective, the market is still far from overheating. Investors currently face the choice of holding, taking profits and exiting, or exiting positions with limited losses, especially for some positions that have been held for nearly a year.

Against this backdrop, it is not surprising that BTC continues to fluctuate around current levels, and future price action will still depend on the interplay between supply and demand.