Bitcoin's on-chain data indicates a nearing of loss-making supply levels similar to those seen during the last bear market, according to CryptoQuant analyst Darkfost. As of now, over 9.5 million bitcoins are in a loss-making state, compared to 10.5 million in November 2022. Meanwhile, approximately 10.4 million bitcoins remain profitable. Darkfost highlights that the market is approaching a balance where the number of loss-making and profitable Bitcoin positions are nearly equal, a condition last observed at the end of the 2022 bear market. This adjustment is significant, with a rapid increase in the supply of loss-making holdings.