Bitcoin Supply in Profit Range Reaches 57.5% as Trend Reversal Uncertain

Bitcoin supply in the profit range rose to 57.5% as of July 22, but long-term holder indicators suggest a new bull market may not yet be confirmed. According to Coin Telegraph, core on-chain metrics weakened after a failed rebound in early June. CryptQuant contributor TheChaseOnChain noted the proportion of Bitcoin supply in the profit range increased from 46.2% on June 30 to 57.5% on July 22. With approximately 60% of Bitcoin supply now in the profit range, long-term holder SOPR metrics show improvement. However, historical patterns indicate both metrics must align to confirm a bottom. The 30-day simple moving average of long-term holder SOPR has remained above 1, and the overall profit range supply percentage has not exceeded 64%. Earlier in June, the loss range supply percentage surpassed 50%, a historical indicator of potential bottoms. While retail interest remains weak, institutional Bitcoin allocations are rebounding.