Over 80% of Bitcoin (BTC) supply returned to profit: Glassnode

According to Glasnode, the market reached an all-time high in November 2021, with the amount of Bitcoin supply at a profit reaching levels seen two years ago.

In its ‘Week on Chain' report released this week, the analyst added that the amount of unrealized profit in these coins is modest.

During last week's rally, the percentage of Bitcoin's supply currently held in profit stands at 83.6%, or 16.36 million BTC. Additionally, this is historically significant, exceeding the average value of 74%, Glassnode added.

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Bitcoin stock accelerates.

Bitcoin in 2010 On November 16, it hit $37,900, reaching its highest level of the year. However, it is now up 4 percent as markets continue to cool.

Last week with #Bitcoin trading above $37k per year, over 83% of the coin supply is back in profitable territory.

However, unrealized gains remain modest, and not yet high enough for long-term investors to latch on to.

— glassnode (@glassnode) November 22, 2023

Using the Accumulation Trend Score, Glassnode reports that this latest addition has seen more accumulation patterns than any other this year. There were two significant rallies in late January and late March when prices rose 40% and 50%.

This hike represents a nearly 40% gain from mid-October to last week's peak. However, there was a “strong accumulation regime”. Recent price expansionHe said before adding.

“This broad growth in the portfolio means strong market performance and the increasingly optimistic BTC ETF is increasing investor confidence.”

Additionally, the crypto market has been in a bear/bull transition phase for the past ten months as it recovers from the 2022 crypto winter. He also added that October's rally was the first sustained break above average transition-level trading levels.

In terms of long-term cost and profitability, the Bitcoin markets have now entered a “balanced phase”, which often precedes a “euphoric” bull market rally.

Market reaction to Binance news

A testament to market strength and general sentiment, the CEO of the world's largest crypto exchange is in news and one of the industry's most enigmatic characters. Going down After a hefty fine from the US Department of Justice, it didn't shake the market as much as many expected.

Total market capitalization fell by just 3% in the last 24 hours, leaving around $60 billion in positions.

Moreover, the recovery began to be seen on Wednesday morning in Asian trading, the total capital returned to $ 1.43 trillion.

Naturally, BNB is the biggest loser., Down 20% at one point, but Bitcoin and Ethereum are down somewhat and well in normal daily trading.