The monthly average of new Bitcoin addresses has dropped below the yearly average, indicating reduced on-chain activity and weaker network fundamentals. From April to June 2024, Bitcoin's price and total supply in profit increased, but by July, both started declining. However, in October, the price began to recover, and the total supply in profit started increasing again. From November 2024, Bitcoin saw a significant rally with increased profitability, but by January 2025, the price peaked and showed signs of stabilization. In February 2025, the price declined again, leading to a negative net position change and a shift in market dynamics. The correlation between BTC price and total supply in profit remains strong, and the 90-day EMA net position change provides insights into market cycles and profitability shifts.



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