Almost 95% of Bitcoin Supply Flips Profitable as BTC Price Hits $11.4K
Profitability mimics the height of last yearâ€™s bull run, but the circumstances have changed beyond recognition in 2020.
The vast majority of the Bitcoin (BTC) supply is now in profit after its price bull run to $11,400, data shows.
Tracked by on-chain monitoring resource Glassnode, as of July 27, almost 95% of the Bitcoin supply is now worth more than when it last moved.
Bitcoin profitable days hit 97.7%
Mondayâ€™s figure almost matches the previous high set in June 2019, at the height of Bitcoinâ€™s price surge which topped out at $13,800.
Bitcoin percent supply in profit 3-year chart. Source: Glassnode
This time, however, multiple factors differentiate the market from how it looked a year ago. Not least, macroeconomic sentiment has been turned upside down â€” the U.S. dollar has weakened, and investors have flooded into safe havens gold and silver.
Zooming out, Bitcoin has remained profitable 97.7% of its lifespan on daily timeframes, data from LookIntoBitcoin shows.
Bitcoin profitable days lifetime chart. Source: LookIntoBitcoin
BTC bulls â€œarenâ€™t done yetâ€�
Despite profitability and Bitcoin returns exploding in Q2, data from exchanges has yet to reveal mass selling at a certain price point. Inflows spiked on Monday, but pressure remains manageable.
â€œThere’s big bidders around $10,400. I have trailing stops in place but going to have to babysit in case it looks like a wick,â€� he told traders.
Filbfilb added he had entered a long position as he is â€œnot convinced the bulls are done yetâ€� at $11,000.
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