BlockBeats News, February 6th, CryptoQuant analyst Darkfost stated that the market is approaching the on-chain loss supply level seen during the last bear market. In November 2022, approximately 10.5 million bitcoins were in a state of loss. Currently, over 9.5 million bitcoins are in a state of loss, while about 10.4 million bitcoins are still in a state of profit.
Darkfost also pointed out that the market is about to see a situation where the number of bitcoins in a state of loss is roughly equal to those in a state of profit, a scenario last seen at the end of the 2022 bear market. It is worth noting that this correction is very significant, with the supply of loss holdings rapidly increasing.
