🚨Although I don't want to admit it, there is still some time until a deep bear market—

It depends on how the market trends now; the profit supply percentage indicator is relatively accurate!

It measures the circulating supply share of $BTC that is in an unrealized profit state.

Glassnode data shows that since the beginning of February, this indicator has fallen below its -1 standard deviation threshold near 60%, and is currently around 57%.

In the metaphor of carving a boat to seek a sword, this level coincides with May 2022 and November 2018, which belong to the early stages of a deep bear market.

This suggests that the consolidation you see now may not resemble the groundwork for a recovery upward, but rather the continuation of a mid-bear market.

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