Quick Take
The past week saw Bitcoin reach a yearly high, hitting $64,000, causing the circulating supply in profit to reach a staggering 99.6%. Notably, on Feb. 26, we observed the supply in profit elevate above 95% for the first time since November 2021, according to Glassnode.
As Bitcoin’s price appreciated from $51,000 to $64,000 this week, a wave of profit-taking was triggered. Short-term holders, those holding Bitcoin for less than 155 days, transferred $3 billion in profits to exchanges. This forms part of a 128-day streak of realized net profits, indicative of the current market regime.
Interestingly, these short-term holders only account for 2.83 million BTC, with approximately 2.7 million being in profit, according to Glassnode.
Looking back at previous bull runs, we’ve seen figures as high as 4 and 6 million BTC in profit from short-term holders. This disparity highlights the potential for growth as short-term holders continue to buy Bitcoin.
The post Bitcoin’s surge to yearly high marked 99.6% of its supply in profit appeared first on CryptoSlate.
Bitcoin’s value has been on an impressive rise over the past month, and by the start of the week, the leading digital currency surpassed the $57,000 range for the first time since Nov. 2021. This upward trend in value has stimulated bitcoin-based derivatives, causing open interest in bitcoin futures to hit an unprecedented level, exceeding […]
