BTC profit ratio 52% is approaching the bottom of the bear market, is the signal that the selling pressure has exhausted?

Cryptocurrency analyst Darkfost recently pointed out that the current profit supply ratio of BTC has fallen back to 52%, and this key on-chain indicator is approaching the typical characteristic range of the late bear market in history.
Looking back at past cycle patterns, this ratio usually falls below the 50% threshold during the deepening stage of a bear market, which means that the proportion of loss-making positions exceeds profitable positions. It is worth noting that during June and July this year, the value briefly fell below 50%. This fluctuation trajectory is highly consistent with the pattern formed at the previous market bottom.
Data compiled by Woofun AI shows that such signs of a short-term break often indicate that the current downward trend may have entered the end stage.
From the perspective of the market sentiment mechanism, when most positions fall into losses, holders are reluctant to sell because they are unwilling to bear substantial losses, leading to the gradual exhaustion of selling pressure; conversely, a high profit ratio can easily trigger selling pressure caused by profit-taking. Although 52% of the current reading is still higher than the historical extreme value, external variables such as macroeconomic conditions, regulatory policy changes, and institutional acceptance of BTC are also profoundly affecting asset trends, and it is difficult for a single indicator to lock in the exact reversal point.