On-chain data shows the Bitcoin Supply in Loss indicator has witnessed a shift in direction that has often led into bearish phases in past cycles. 365-Day SMA Of The Bitcoin Supply In Loss Has Been Rising RecentlyAs pointed out by an analyst in a CryptoQuant Quicktake post, the Bitcoin Supply in Loss has started to trend up again. The Supply in Loss adds up all coins falling in this category and finds what part of the supply they make up for. Since the total supply must add up to a 100%, however, the Supply in Profit is simply equal to the Supply in Loss subtracted from 100. Now, here is a chart that shows the trend in the 365-day simple moving average (SMA) of the Bitcoin Supply in Loss over the cryptocurrency’s history:As displayed in the above graph, the 365-day SMA Bitcoin Supply in Loss plummeted to the lowest point for the cycle back in October.