[Analyst: Bitcoin Supply in Profit Ratio Falls to 53.8%, Market Still in Confidence Recovery Phase] Deep Tide TechFlow reports that on October 20, crypto analyst Darkfost stated that Bitcoin is currently in a phase of insufficient investor confidence. Market profitability is experiencing a slight recovery but remains insufficient to place holders in a broadly profitable state or drive prices further upward. Data shows that after excluding BTC held for over 10 years, approximately 53.8% of the supply is currently in profit, a figure that had previously briefly risen above 60%. Darkfost believes that fluctuations around the neutral level of 50% for this metric are normal. He pointed out that during the late stages of a bear market, the supply in profit ratio typically climbs gradually from below 40% during the capitulation phase and takes time to stabilize above 50%. The market needs sustained performance to rebuild investor confidence and attract new demand; until then, further stabilization of holding behavior is required.