Opinion: Bitcoin is currently in a phase where both buyers and sellers are hesitant, and market confidence is being rebuilt.

October 20 - Crypto market analyst Darkfost expressed the view that the Bitcoin market is currently in a phase of insufficient investor confidence and hesitation among buyers and sellers. The current profitable supply proportion has fallen from a brief breakthrough of 60% to 53.8%, approaching the 50% break-even line. This indicator excludes Bitcoin held for more than 10 years to better reflect the current circulating market conditions.

This situation is not uncommon at the end of a bear market. After the market experiences a sell-off and capitulation phase, with the profitable supply proportion dropping below 40%, it usually takes some time to climb back above 50%. The recovery of investor confidence and the formation of new demand take time, and the market still needs to wait for investor behavior to gradually stabilize and drive sustained improvement in profitability.