On-chain analyst Axel Adler Jr. stated that a large volume of BTC, previously in a loss position, quickly moved into profit due to the recent BTC price recovery. He explained, "According to on-chain data, the 90-day change rate, which indicates the speed of change in the proportion of supply in profit over the past three months, dropped to -19% in early August. This means that a significant volume of assets shifted from profit to loss in the preceding three months. Subsequently, as the BTC price rebounded, this indicator surged to +41% in September. This implies that a large volume of assets returned to a profit position in just a few weeks. Periods with a higher change rate than the current one account for only about 4% of BTC's total trading days." He added, "However, such a rapid recovery does not guarantee further increases. The recent rally was significantly influenced by a mechanical price re-evaluation due to a short squeeze. Further confirmation is needed to determine whether sustained spot buying led to the increase in profitable supply. In the past, after the 90-day change rate rose to extremely high levels, momentum often rapidly slowed down, leading to corrections or sideways movements."
