According to Glassnode data, approximately 11.1 million BTC are currently in a profitable state (i.e., purchased at a price lower than the current market price), while approximately 8.9 million BTC are in a loss state. As the gap between these two figures continues to narrow, the ratio of profitable to loss-making BTC supply is approaching a key convergence zone that has appeared multiple times in history. This metric measures the number of wallets currently in a profitable state versus those in a loss state. Historically, when these two indicators gradually reach equilibrium, they often correspond to a market bottom and are considered an important signal of market capitulation and long-term investment opportunities. If the profitable and loss-making supplies converge further, it may mean that the market is entering a historically common cyclical bottoming phase, but this still needs to be assessed in conjunction with factors such as macro liquidity, derivatives structure, and market sentiment. (CoinDesk)