Woofun AI data shows that in the second quarter, the share of Bitcoin supply generating profits declined from approximately 57% to 46%, while losing-value supply increased from roughly 43% to 54%. This represents the first instance since the 2022 bear market trough where unprofitable Bitcoin holdings outnumbered profitable ones. ARK Invest observes that such distribution shifts typically emerge near cyclical lows, suggesting that selling pressure may have diminished as the proportion of underwater coins rises.