{"id":541073,"date":"2023-07-04T17:00:41","date_gmt":"2023-07-04T17:00:41","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=541073"},"modified":"2024-06-11T08:04:02","modified_gmt":"2024-06-11T08:04:02","slug":"75-of-bitcoin-supply-now-in-profit-will-drop-happen","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/75-of-bitcoin-supply-now-in-profit-will-drop-happen\/","title":{"rendered":"75% Of Bitcoin Supply Now In Profit, Will A Drop Happen Here?"},"content":{"rendered":"

On-chain data shows 75% of the entire Bitcoin circulating supply is now in profit, something that could lead to a drop for the asset.<\/p>\n

Bitcoin Supply In Profit Has Registered An Uptick Recently<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, there may be a risk that the investors would participate in profit-taking here. The “supply in profit<\/a>” is an indicator that, as its name already implies, measures the total amount of the circulating Bitcoin supply that’s currently holding an unrealized gain.<\/p>\n

The metric works by going through the on-chain history of each coin in circulation to see what price it was last moved\/transferred at. If this previous price for any coin was less than the current spot price of the asset, then that particular coin is said to be holding a profit right now, and the indicator adds it up to its value.<\/p>\n

The “supply in loss<\/a>” is the counterpart indicator of the supply in profit, and it naturally keeps track of the coins of the opposite type (that is, the coins with a higher acquisition price than the latest spot price).<\/p>\n

When the supply in profit goes up in value, it means that more investors are coming into profit. Generally, the more an investor gets in profit, the more likely they become to sell. So, a large amount of the supply carrying some gains can lead to a widespread selloff becoming more probable in the sector.<\/p>\n

Related Reading: Historical Litecoin Bearish Signal Goes Off, Correction Incoming?<\/a><\/div>\n

Now, here is a chart that shows the trend in the 7-day simple moving average (SMA) Bitcoin supply in profit over the history of the cryptocurrency:<\/p>\n

\"quicktake-image\"<\/p>\n

Looks like the 7-day SMA value of the metric has been going up in recent days | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the 7-day SMA Bitcoin supply in profit has observed a sharp surge recently. This spike in the metric has taken place as the rally<\/a> in the cryptocurrency’s price towards the $31,000 level has occurred and has put a large number of investors into gains.<\/p>\n
At the current values of the indicator, coins equivalent to about 75% of the total circulating supply of the cryptocurrency are carrying some amount of unrealized profit.<\/p>\n
Naturally, this would mean that a lot of investors may be thinking about harvesting some of the gains that they have accumulated. If the holders do end up selling here, then the price of the asset could observe a drawdown, at least in the short term.<\/p>\n
Related Reading: Bitcoin Sharks & Whales Show Strong Buying, Rally To Continue In July?<\/a><\/div>\n
From the chart, it’s visible that the current level of the indicator is around where the asset hit a local top back in April of this year, and it’s also the same value where the cryptocurrency faced resistance in early 2022.<\/p>\n
It now remains to be seen if the market can pull through this psychological barrier and allow the Bitcoin rally to continue further.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $31,000, up 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has observed some rise during the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows 75% of the entire Bitcoin circulating supply is now in profit, something that could lead to a drop for the asset. Bitcoin Supply In Profit Has Registered An Uptick Recently As pointed out by an analyst in a CryptoQuant post, there may be a risk that the investors would participate in profit-taking here. The “supply in profit” is an indicator that, as its name already implies, measures the total amount of the circulating Bitcoin supply that’s currently holding an unrealized gain. The metric works by going through the on-chain history of each coin in circulation to see what price it was last moved\/transferred at. If this previous price for any coin was less than the current spot price of the asset, then that particular coin is said to be holding a profit right now, and the indicator adds it up to its value. The “supply in loss” is the counterpart indicator of the supply in profit, and it naturally keeps track of the coins of the opposite type (that is, the coins with a higher acquisition price than the latest spot price). When the supply in profit goes up in value, it means that more investors are coming into profit. Generally, the more an investor gets in profit, the more likely they become to sell. So, a large amount of the supply carrying some gains can lead to a widespread selloff becoming more probable in the sector. Related Reading: Historical Litecoin Bearish Signal Goes Off, Correction Incoming? Now, here is a chart that shows the trend in the 7-day simple moving average (SMA) Bitcoin supply in profit over the history of the cryptocurrency: Looks like the 7-day SMA value of the metric has been going up in recent days | Source: CryptoQuant As displayed in the above graph, the 7-day SMA Bitcoin supply in profit has observed a sharp surge recently. This spike in the metric has taken place as the rally in the cryptocurrency’s price towards the $31,000 level has occurred and has put a large number of investors into gains. At the current values of the indicator, coins equivalent to about 75% of the total circulating supply of the cryptocurrency are carrying some amount of unrealized profit. Naturally, this would mean that a lot of investors may be thinking about harvesting some of the gains that they have accumulated. If the holders do end up selling here, then the price of the asset could observe a drawdown, at least in the short term. Related Reading: Bitcoin Sharks & Whales Show Strong Buying, Rally To Continue In July? From the chart, it’s visible that the current level of the indicator is around where the asset hit a local top back in April of this year, and it’s also the same value where the cryptocurrency faced resistance in early 2022. It now remains to be seen if the market can pull through this psychological barrier and allow the Bitcoin rally to continue further. BTC Price At the time of writing, Bitcoin is trading around $31,000, up 1% in the last week. BTC has observed some rise during the past day | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":541087,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84434,85219,1119,1144],"class_list":["post-541073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-correction","tag-bitcoin-supply-in-profit","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n75% Of Bitcoin Supply Now In Profit, Will A Drop Happen Here?<\/title>\n<meta name=\"description\" content=\"On-chain data shows 75% of the entire Bitcoin circulating supply is now in profit, something that could lead to a drop for the asset.\" \/>\n<meta name=\"robots\" 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/www.ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"75% Of Bitcoin Supply Now In Profit, Will A Drop Happen Here?","url":"http:\/\/www.ktsl888.com\/news\/75-of-bitcoin-supply-now-in-profit-will-drop-happen\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.ktsl888.com\/news\/75-of-bitcoin-supply-now-in-profit-will-drop-happen\/"},"thumbnailUrl":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/07\/iStock-1460700055-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/07\/iStock-1460700055-1.jpg?fit=2309%2C1299"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin correction","bitcoin supply in profit","btc","btcusd"],"dateCreated":"2023-07-04T17:00:41Z","datePublished":"2023-07-04T17:00:41Z","dateModified":"2024-06-11T08:04:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"75% Of Bitcoin Supply Now In Profit, Will A Drop Happen Here?\",\"url\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/75-of-bitcoin-supply-now-in-profit-will-drop-happen\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/75-of-bitcoin-supply-now-in-profit-will-drop-happen\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1460700055-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1460700055-1.jpg?fit=2309%2C1299\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin correction\",\"bitcoin supply in profit\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-07-04T17:00:41Z\",\"datePublished\":\"2023-07-04T17:00:41Z\",\"dateModified\":\"2024-06-11T08:04:02Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/07\/iStock-1460700055-1.jpg?fit=2309%2C1299","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/541073"}],"collection":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/comments?post=541073"}],"version-history":[{"count":0,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/541073\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media\/541087"}],"wp:attachment":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media?parent=541073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/categories?post=541073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/tags?post=541073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}