K33: Over Half of Circulating Bitcoin Is Held at a Loss, Potentially Signaling Late-Stage Bear Market

K33 said more than 50% of circulating Bitcoin is currently held at a loss, a level the firm said may indicate a late-stage bear market. According to NS3.AI, K33 noted that in prior market cycles, similar crossovers were followed by cycle bottoms within 10–101 days. The firm cautioned that this cycle could unfold differently if large sellers continue to exert pressure, potentially affecting how closely current conditions track historical patterns.