Bitcoin’s Last Dance: 55% in Profit, or Just Another Crypto Circus?

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Ah, the grand spectacle of capitalism’s digital offspring! Bitcoin, that restless enfant terrible of the financial world, is once again teetering on the edge of the abyss. The air is thick with the scent of desperation and the faint aroma of burnt optimism. In the dimly lit arena of mid-February 2026, the on-chain metrics whisper tales of woe, their warnings as familiar as the groans of a dying factory machine.

Glassnode, that tireless chronicler of crypto’s misfortunes, reports that a mere 55-56% of Bitcoin’s circulating supply remains in profit. A paltry 10 million BTC now languish in the red, their holders clutching at the fading hope of a recovery. It is a scene reminiscent of the 2022 bear market, when prices kissed the ground at $16,000 before the phoenix of greed rose again.

INTEL: Bitcoin’s supply in profit has fallen to 55%, with roughly 10 million $BTC held at a loss, a level last seen during the 2022 bear market bottom

– Solid Intel 📡 (@solidintel_x) February 17, 2026

At this hour, Bitcoin staggers between $69,000 and $67,000, a shadow of its former self, having shed 46% of its all-time high. The once-proud holders of green portfolios now find themselves in a sea of red, their dreams of riches drowned in the relentless tide of market forces. Ah, the irony! The very same hands that clung to their digital gold now tremble, their resolve tested by the cruel whims of the crypto gods.

Yet, in this theater of the absurd, there is a method to the madness. History, that eternal cynic, reminds us that the true bottom often arrives when the supply in profit dips to 45-50%, and realized losses spike with a ferocity yet unseen. It is a dance as old as the cycles themselves, a ritual where the weak are culled, and the stage is set for the next great reversal.

Long-term holders, those stoic survivors of past carnages, remain unshaken, their hands steady amidst the chaos. They have seen this play before, its acts and scenes etched into their memory. But for the newcomers, the air is thick with uncertainty. Is this the final act of exhaustion, or merely another twist in the endless drama of the markets? Patience, that rare commodity, wears thin, yet the setup echoes the preludes to past triumphs.

And so, we wait, dear reader, with bated breath and a touch of sardonic amusement. For in the world of Bitcoin, as in life, the only certainty is uncertainty. The circus continues, and we are all but spectators, clutching our popcorn and our portfolios, wondering when the next act will begin.

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2026-02-17 15:36