Analyst: Excluding BTC dormant for over 10 years, the market's circulating supply in profit reaches 60% and has not yet overheated.

On Oct 7, CryptoQuant analyst Darkfost stated that after excluding Bitcoin (BTC) that has remained unspent for over 10 years, the proportion of the BTC supply in a profitable state has remained around 60% since August. The analysis indicates that, from a medium- to long-term perspective, the majority of BTC in the current market has returned to a profitable state and is far from overheated; continued consolidation near this level is a reasonable development.

The analysis suggests that coins unspent for over a decade hold substantial unrealized profits and are considered illiquid, with a large portion potentially lost. Excluding them provides a more accurate reflection of current market dynamics. The prevailing profitability ratio prompts investors to weigh whether to continue holding, take profits on positions held for nearly a year, or exit at a limited loss, as supply-demand dynamics will ultimately dictate the subsequent trend.