According to data compiled by Woofun AI, crypto analyst Darkfost has highlighted that Bitcoin's current profitable supply ratio has fallen to 52%. This key on-chain metric is now approaching the characteristic range typically observed during the late stages of historical bear markets.

Looking at past cyclical patterns, this ratio usually falls below the 50% threshold during the deepening phase of a bear market, meaning that loss-making positions outnumber profitable ones. Notably, during June and July of this year, the value briefly dipped below 50%. This fluctuation pattern closely mirrors the formation of previous market bottoms.

Data organized by Woofun AI suggests that such temporary dips below the threshold often indicate that the current downtrend may be entering its final stages. From a market sentiment perspective, when the majority of holdings are in a loss, holders tend to be reluctant to sell to avoid realizing actual losses, which gradually exhausts selling pressure. Conversely, a high profitable ratio can easily trigger selling pressure from profit-taking.

Although the current reading of 52% remains above historical extremes, external variables such as the macroeconomic environment, changes in regulatory policies, and the degree of institutional adoption of BTC are also profoundly influencing the asset's trajectory. No single indicator can pinpoint the exact timing of a reversal.

For long-term holders, while this data provides some psychological support that the worst phase of the bear market may have passed, market volatility remains high, and the risk of further declines has not been eliminated. Investors should view this as just one of many analytical tools, rather than a sole predictive basis, and must proceed with caution and conduct thorough research.