As per Glassnode's update, more than 70% BTC holders were in a profitable position as of 4 July. However, the profit-gaining attitude could see traders selling their BTC at the ongoing price leaving the king of cryptocurrencies in a vulnerable spot.
Bitcoin has been regaining its appeal and inflation might not be a major threat anymore.
Profitability is one of the biggest factors that investors consider before buying an asset. You might thus find Glassnode’s latest statistics onIs your portfolio green? Check out theThe supply of BTC in profit recently climbed to 72.3%. But just what does this mean for traders? Less than 50% of the supply in profit at its lowest point during the lowest point in 2022.
Now that the market has been recovering, the level of BTC profitability also improved. But that’s not all.Percent Supply in Profit has reached a value of 72.3%, equivalent to 10.8M coins holding a profitable position. When assessing the percentage of trading days with a greater value than 72.3%, we note 49.2% of trading days have recorded a larger value. This…
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