Bitcoin Trades Near Fair Value at $98K with 40% of Supply in Loss, Says Analyst

Bitcoin approached its fair value of $98,000 during recent declines, with minimal bubble present compared to the average cost of all active holdings, analyst Murphy said on November 6. The Profit Supply in Profit (PSIP) ratio stands at 72%, falling into the bull market correction extreme zone of 70%-75%, while nearly 40% of circulating supply excluding Satoshi's coins and lost BTC now sits at unrealized losses. Long-term holder loss ratios have surged, signaling the correction may be nearing a relative bottom area. Murphy noted that if the market remains rational, value discovery should attract buying interest, but a further breakdown would indicate either an irrational oversold phase or a confidence collapse that ignores value regression in favor of active risk-off positioning.