On-chain data analyst Murphy notes Bitcoin’s Profit Supply Ratio (PSR) has slipped, with its 7-day moving average under the 70% threshold. The on-chain metric has historically preceded shifts from bullish to bearish cycles: an initial dip toward support, followed by a relief rally. A PSR below 50% has signaled deeper bear markets and broader buying opportunities for prepared buyers.
The spot price sits near $92,000. Per UPPD data, about 6.7 million BTC are in unrealized losses, about 33% of circulating supply. If holders who bought at lower prices pause selling, a drop to $59,000 could lock in losses on roughly 9.744 million BTC, nudging the PSR toward 50%.
Because PSR is highly dynamic, fixed values provide only a rough guide. Historical patterns suggest that a BTC move into the $60,000–$70,000 zone would likely push the PSR below 50%, potentially signaling a deeper bear phase and a window for selective buyers.