Some market experts believe that Bitcoin (BTC) may have reached its lowest point back in November 2025, yet it still holds considerable room for growth.
Data from the blockchain analytics firm Glassnode highlights a crucial signal indicating the possibility of a temporary or even cyclical bottom forming during the market dip at the end of November.
Glassnode’s analysis reveals that when Bitcoin’s price dropped to approximately $80,000 in late November last year, an important metric tracking short-term investor activity hit record lows. Specifically, on November 24th, the ratio of “supply in profit” to “supply in loss” among short-term holders—those who have held BTC for less than 155 days—fell sharply to just 0.013. Historically, this indicator has aligned with significant market bottoms seen in years like 2011, 2015, 2018, and 2022.
At that same time frame, the number of BTC held by short-term investors facing losses surged dramatically to about 2.45 million coins—the highest since the fallout from FTX. Meanwhile, profitable holdings remained minimal at roughly 30,000 BTC. This imbalance combined with widespread negative sentiment created fertile ground for a potential strong rebound.
Moving into early 2026, Bitcoin rebounded and climbed back near $94,000—a gain exceeding seven percent since January began. Correspondingly, coins held at a loss by short-term investors declined to around 1.9 million BTC while those held profitably rose significantly to about 850 thousand BTC; pushing their ratio up close to approximately 0.45.
According to Glassnode’s insights, when this ratio nears or surpasses one, Bitcoin typically embarks on an extended bullish phase. Historical trends indicate that major peaks tend to emerge as this figure approaches values near one hundred.
Please note: This content is not intended as financial advice.