Although I hate to admit it, we’re still some time away from a deep bear market— Let’s see how the market trends develop. The percentage of supply in profit is a relatively reliable indicator! It measures the portion of BTC circulating supply that is in an unrealized profit state. According to Glassnode data, since early February, this indicator has fallen below its -1 standard deviation threshold near 60%, currently sitting at around 57%. If we compare historically, this level aligns closely with May 2022 and November 2018, which were early stages of deep bear markets. This suggests that the current consolidation you’re seeing might not be a setup for recovery and upward movement, but more likely a continuation of the mid-bear market phase.