Bitcoin’s Profit Supply Is Practically Taking a Nap-Here’s Why

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It seems Bitcoin (BTC) has decided to test the virtues of humility, with the portion of its supply in profit shrinking to around 59%. This, of course, is dangerously close to the bear market territory-a place where even the bravest hodlers carry extra emotional bandages.

Data from the enigmatic analyst Darkfost, who has apparently mastered the ancient art of staring at numbers until they confess their secrets, also revealed that Bitcoin addresses depositing coins have plummeted to a 10-year low. Which is either a sign of caution, wisdom, or everyone simply forgetting their passwords.

Profit Supply Tiptoes Into Bear-Market Lair

On April 9, Darkfost posted on X (the platform formerly known as Twitter, and still regretting it) that the share of Bitcoin supply in profit is skulking well below the historical average of 75%. Yes, below average-because Bitcoin apparently enjoys irony.

“Nearly 1 BTC out of 2 is held at a loss,” they announced, which is roughly equivalent to saying, “Half your dinner is now on the floor.”

Darkfost emphasized that for Bitcoin to keep pretending it wants to climb the price ladder, it needs a crowd of cheerful investors waving from the profit zone. When most of them are sulking in the red, there’s a dearth of willing sellers, prices stall, and the market sighs dramatically.

Historically, the 50% mark has been the magical line between “things could be worse” and “please hide under the bed.” Currently, Bitcoin hovers above that line, but like a suspicious cat, it’s edging closer to trouble.

Darkfost’s verdict? The current environment seems more fit for accumulation than for selling-basically, buy when everyone else is crying, and don’t even think about selling until the profit supply starts throwing a party near 100%.

Exchange Activity Weakens-Investors Probably Napping

In a separate note, Darkfost mentioned that the number of addresses depositing to exchanges is down to roughly 31,000 per day on a 30-day moving average. The last time it was this low, people were still recovering from questionable fashion choices in 2017.

The drop is attributed to investor disengagement, untempting prices, and a long-term trend toward self-custody and decentralized platforms-a bit like everyone deciding it’s easier to take their toys home than play with the sandbox again after FTX collapsed.

“Although such an environment is typically unfavorable in the short term, these phases often coincide with periods where selling pressure progressively exhausts itself,” Darkfost explained. In other words: the market is sulking, but it will eventually tire itself out.

Analytics platform Glassnode echoed the sentiment, describing the current scene as “subdued and low-conviction,” with spot activity resembling a sleepy hamster on a wheel. BTC is currently meandering in the “bear market value zone,” proving that even cryptocurrencies like to lounge now and then.

At the time of writing, Bitcoin was dancing near $71,000, having retreated from a recent three-week high of $73,000-prompted by the curious news of a US-Iran ceasefire and Iran insisting ships pay their toll in crypto to cross the Strait of Hormuz. Which, if nothing else, is an imaginative way to bring blockchain to maritime law.

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2026-04-09 19:39