Bitcoin Supply Soars: Over 80% Returns to Profit, Reaching Historic Levels

    Glassnode’s latest report reveals a remarkable shift in Bitcoin’s dynamics, with more than 80% of the supply now in profit, hitting levels not seen in two years. The accumulation trend is on the rise, signaling increased investor confidence amid market fluctuations.

    The recent surge in Bitcoin’s price catapulted over 83.6% of the circulating supply into profit territory, marking a historic high. Glassnode’s ‘Week on Chain’ report notes this as a substantial increase from the average, underlining the current market resilience.

    Despite a 4% retreat from the recent peak of $37,900, Bitcoin’s Accumulation Trend Score indicates a robust accumulation pattern during this rally, surpassing levels observed in earlier surges this year. The report suggests that this broader accumulation trend reflects growing investor confidence, fueled by positive market performance and expectations surrounding a potential BTC ETF.

    Navigating through a bear/bull transition phase for the past ten months, the crypto market has shown signs of recovery from the 2022 crypto winter. The October rally, breaking sustained levels from the transition phase, marks a crucial milestone.

    In the realm of long-term holder spending and profitability, Bitcoin’s current state signals an “equilibrium phase,” often preceding a bullish market rally. As the market undergoes this phase, characterized by stability, anticipation builds for a potential euphoric bull market rally.

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