Around 50% Of The Bitcoin Supply Is In Profit At The Moment
According to the latest weekly report from , the current profitability levels in the BTC market are still above the 40%-42% values that were observed during historical bottoms.The “percent supply in profit” is an indicator that measures the total percentage of the Bitcoin supply that’s currently holding some unrealized profit.
Now, here is a chart that shows the trend in the 7-day moving average Bitcoin percent supply in profit since the January of 2014:
The 7-day MA value of the metric seems to have been declining in recent days | Source:As you can see in the above graph, the historical zones of the Bitcoin percent supply in profit for previous bear markets are highlighted.
The COVID crash saw the profit in supply reaching a 47% mark, but since the event wasn’t part of a normal cycle, the relatively higher level during this low may not be as relevant.
BTC Price
At the time of writing, Bitcoin’s price floats around $18.9k, down 6% in the last week. Over the past month, the crypto has lost 12% in value.
Looks like the price of the coin has been slowly heading downhill since a few days ago | Source:
Featured image from Natarajan sethuramalingam on Unsplash.com, charts from TradingView.com, Glassnode.com