**BTC Supply in Profit Metric Indicates Potential Market Transition**

The "Supply in Profit (%)" metric, which measures the percentage of Bitcoin currently in profit, is a critical indicator for assessing market phases. Historically, values above 80% signify a major bull market, while values between 55% and 80% indicate a transition phase. Values below 55% are typically associated with bear markets.

Currently, the metric stands at approximately 85%, although it briefly dipped below 75% during corrections in July and August. This dip suggests a potential entry into the transition phase. Despite this, a drop below 80% does not necessarily indicate a shift to a bear market.

However, the indicator has shown a downward trend over the past four months, with Bitcoin's recovery failing to surpass its March peak. If the sideways trend continues and the Supply in Profit remains below 80%, the market may face a downturn. Continuous monitoring of this metric is essential to determine if it can shift from a negative to a positive slope, signaling a more optimistic market outlook.