Bitcoin’s surge to yearly high marked 99.6% of its supply in profit

Quick Take The past week saw Bitcoin reach a yearly high, hitting $64,000, causing the circulating supply in profit to reach a staggering 99.6%. Notably, on Feb. 26, we observed the supply in profit elevate above 95% for the first time since November 2021, according to Glassnode. As Bitcoin’s price appreciated from $51,000 to $64,000 […] The post Bitcoin’s surge to yearly high marked 99.6% of its supply in profit appeared first on CryptoSlate.

Mar 1, 2024 - 17:50

0 5

Bitcoin’s surge to yearly high marked 99.6% of its supply in profit

Quick Take

The past week saw Bitcoin reach a yearly high, hitting $64,000, causing the circulating supply in profit to reach a staggering 99.6%. Notably, on Feb. 26, we observed the supply in profit elevate above 95% for the first time since November 2021, according to Glassnode.

Percent Supply in Profit: (Source: Glassnode)

As Bitcoin’s price appreciated from $51,000 to $64,000 this week, a wave of profit-taking was triggered. Short-term holders, those holding Bitcoin for less than 155 days, transferred $3 billion in profits to exchanges. This forms part of a 128-day streak of realized net profits, indicative of the current market regime.

Total Supply in Profit Held by Short-Term Holders: (Source: Glassnode)

Interestingly, these short-term holders only account for 2.83 million BTC, with approximately 2.7 million being in profit, according to Glassnode.

Looking back at previous bull runs, we’ve seen figures as high as 4 and 6 million BTC in profit from short-term holders. This disparity highlights the potential for growth as short-term holders continue to buy Bitcoin.

The post Bitcoin’s surge to yearly high marked 99.6% of its supply in profit appeared first on CryptoSlate.