The Bitcoin market is facing significant structural pressures. Both indicators relating to profitable and losing positions are converging towards the ranges seen during previous bear markets, suggesting that the current market situation is in a phase of deep cyclical adjustment.

Data from CryptoQuant shows that approximately 11.2 million Bitcoins are currently in a profitable state, while Glassnode reports that around 8.2 million Bitcoins are in losing positions. These key figures indicate a dramatic divergence in the composition of holders. However, there is no consensus among analysts regarding whether this means that assets are undervalued or merely reflects an intensification of market pressures.