Viewpoint: Bitcoin is currently in a phase where both buyers and sellers are hesitant, and market confidence is being rebuilt.

Crypto market analyst Darkfost noted that the Bitcoin market is currently in a phase of low investor confidence and hesitation among both buyers and sellers. The current profit supply ratio has dropped from its earlier brief break above 60% to 53.8%, approaching the 50% break-even line. This metric excludes Bitcoin held for more than 10 years to better reflect the current state of the circulating market. Such a scenario is not uncommon in the late stages of a bear market. After the market goes through sell-offs and capitulation phases, and the profit supply ratio falls below 40%, it typically takes time for the metric to climb back above 50%. The recovery of investor confidence and the formation of new demand will take time; the market still needs to wait for investor behavior to gradually stabilize to drive a sustained improvement in profit conditions.