Analysis: The proportion of supply in loss versus profit has re-diverged, and the market may be entering an upward cycle.

October 8th, CryptoQuant analyst Crypto Dan stated that by observing changes in the proportion of supply in loss versus the proportion of supply in profit, the overall trend of the crypto market can be judged. At the bottom of each previous downward cycle, the proportion of supply in loss and the proportion of supply in profit gradually converge; as the market shifts to an upward cycle, the two diverge again. Crypto Dan believes that the current market also exhibits this characteristic.

Crypto Dan pointed out that at the bottoms of past cycles, Bitcoin's price typically fell below the Realized Price, whereas the decline in this pullback has been relatively shallow, and the same situation has not occurred. Considering the current overall market performance, the crypto market is currently in the process of transitioning to an upward cycle, and this transition is nearing completion.