According to a recently published report by Glassnode, Bitcoin (BTC) its profit-making supply has reached levels seen when the market had just pulled back from its all-time high (ATH) in November 2021.
With market transactions reaching yearly highs, more than 83.6% of Bitcoin supply is now in profit, the highest since November 2021 (near all-time highs).
Bitcoin continued its strong price performance, trading near its yearly high and rising above $37,900 this week, according to Glassnode analysts. As a result, more than 16.366 million BTC, which is 83.6% of the circulating supply, is currently in profit.
According to Glassnode, from a statistical perspective, this is historically significant, well above the historical average (74%) and trending towards a higher standard deviation of +1 90% of the standard deviation.
According to analysts, when this indicator rises above this upper limit, it historically coincides with the market entering the early stages of the “euphoria phase” of a bull market. Despite high profitability, Bitcoin investors appear to be holding on to their holdings, indicating a strong belief in BTC’s future performance.
*This is not investment advice.
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