BlockBeats News, July 24th, CryptoQuant data shows that the Bitcoin Profitable Supply Ratio has risen from 46.2% on June 30th to 57.5% on July 22nd, crossing back above 50% and approaching 60%. However, analysts believe that while Bitcoin holders have overall returned to profitability, it is still not enough to confirm the formation of a new bull market.

A CryptoQuant analyst stated that the end of past bear markets usually requires two conditions to be met simultaneously: the 30-day Simple Moving Average of Long-Term Holder SOPR remains above 1, and the Bitcoin Profitable Supply Ratio rises to above 64%.

During this current cycle, there has already been one failed breakthrough. From April 28th to June 1st, the Long-Term Holder SOPR average remained above 1 for 35 consecutive days, and the profit supply ratio also rose to 67%, but then both indicators fell back. Subsequently, the 30-day moving average of Long-Term Holder SOPR has remained below 1 for over 50 days, indicating that long-term holders' on-chain transfers are still dominated by losses.

Meanwhile, spot market demand remains relatively weak, while institutional Bitcoin allocation has seen some recovery. Analysts believe that although the current profitability indicator is improving, further confirmation is still needed to determine if this recovery can be sustained.