#创作者激励计划#  Bitcoin supply is 88% in profit, changing investor expectations.

Key takeaways:

88% of Bitcoin supply is in profit below $95,000, indicating a reset in investor expectations.

The current price level between $75,000–$95,000 may represent a structural bottom zone, consistent with market conditions in the third quarter of 2024.

The MVRV ratio, which indicates a cooling of unrealized profits and future growth potential, is forming a historical support zone at 1.74.
Bitcoin’s market dynamics are changing. Glassnode data shows that 88% of the supply is currently in profit, with losses concentrated among buyers in the $95,000–$100,000 range. This high profitability rate is a recovery from the long-term average of 75%, suggesting that investor expectations are reshaping.

He explained that the high rates marked with orange bars at previous price peaks signaled intense selling, but the current levels do not show such haste and reinforce a more stable market environment.
High profitability and decreasing stock market inflows indicate that the selling pressure by investors has decreased and a more positive investor attitude has formed in the $ 75,000–95,000 range. This suggests that investors see BTC as undervalued and evaluate it as an accumulation opportunity rather than an exit opportunity, and this trend coincides with the general bullish expectation.

Bitcoin price at critical decision point: BTC price levels to watch
Gains below $95,000 cooling

One of the key market sentiment indicators, Market Cap/Realized Value (MVRV), has returned to its long-term average of 1.74, he noted. Historically, this level has formed a support zone during consolidation phases (since January 2024), signaling that unrealized profits are cooling and a potential base for future growth is forming.

Similarly, the Network Value/Transaction Ratio (NVT) is currently neutral at 0.5 with Bitcoin at $94,400. This is a significant difference from the period when BTC was overbought at the same level in February 2025.
This change in market dynamics and the evolution of investor behavior suggest that investors who are currently in profit are less likely to sell at these levels. This could further strengthen the argument that the current market structure is bullish.