While the data showed that more than 80% of Bitcoins (BTC) in circulation were in profit, the attitude of investors gave positive signals for the future of the cryptocurrency market.
According to data provided by the on-chain analysis platform Glassnode, Bitcoin’s over 37 thousand dollars The supply in circulation on the days 83.6% corresponding from 16.366 million more Bitcoin in the snow was in position. Bitcoin’s current price is 36,500 Considering that, it is still a close profitability ratio seems available.
Analysts believe that this profitability ratio 2021 bull of the market While stating that it is at a level similar to the highest levels Long-term investors still haven’t soldHe emphasized.
Most of this unrealized profit is still “reasonable” level and for long-term investors a satisfactory profit The fact that it does not release prevents selling pressure for now. The $37,000 level is not considered a suitable sales area for investors who plan to hold Bitcoin for a long time or want to reach high profit margins.
Glassnode estimates the profitability level in question based on data from the past years. reached 90% in cases the first stages of the “euphoria” period in the bull indicates that the entry has been made.
On the other hand, investors especially 2023 At the beginning of the year and in the last months Bitcoin accumulation speeds Glassnode stated that this situation is an indication that the confidence in the approval of spot Bitcoin exchange traded fund (ETF) applications is increasing.