TechFlow, Nov 18 — According to on-chain data analyst Murphy (@Murphychen888), the 7-day average of Bitcoin's Profit Supply In Percentage (PSIP) has dropped below 70%, meaning nearly 30% of all coins across the chain are currently in a loss position. If excluding long-dormant, lost, and Satoshi's BTC, this ratio is expected to exceed 40%.
Murphy noted that during the first downturn phase from bull to bear markets over the past ten years, PSIP consistently reached this level, followed by a rebound driven by extreme market sentiment—similar situations occurred in 2018 and 2020.
Murphy stated, "Even if a rebound occurs, it may be just a rebound, as there are now too many holders waiting to exit on any recovery. Therefore, I still hold the view that 'reversing current market sentiment will require time measured in months.'"
