Bitcoin Supply Profit Soars as Majority of BTC Becomes Profitable Again
The Bitcoin supply profit has experienced a notable surge, reaching heights not seen in the past two years, according to Glassnode. The Bitcoin supply in profit reached a zenith during the recent market surge, with approximately 83.6% of the circulating Bitcoin supply, equivalent to 16.36 million BTC, now held with profits. Despite the market’s slight dip from its November 2021 peak, the unrealized profit in these coins remains relatively moderate. This recent increase in Bitcoin supply profit has triggered higher accumulation patterns than earlier rallies this year, bolstering investor confidence in the rising trend. Moreover, Bitcoin markets are now in an ‘equilibrium phase’, often a precursor to a ‘euphoric’ bull market rally. The market has largely remained resistant to major industry news, such as the CEO of Binance resigning after a substantial penalty from the US Justice Department. In summary, the Bitcoin supply profit landscape indicates a positive outlook for long-term holders, with the market reaching an equilibrium phase that usually precedes a bull market rally.
