Glassnode, a blockchain research and analysis company, found that 93 percent of the BTC in circulation became profitable after the cryptocurrency surpassed $ 11,000.
Most of the BTC in circulation has become profitable
According to a report published on July 28, the price of bitcoin, which exceeded $ 11,000, contributed to the fact that most of all BTC in circulation was profitable. Glassnode stated that as much as 93% of all BTC in circulation is currently profitable, which is the highest level in more than a year.
$ BTC‘S break above $ 11,000 has lead to a sharp increase in the on-chain supply in profit.
Currently almost 93% of the circulating #Bitcoin supply is in a state of profit – the highest level in over a year.
– glassnode (@glassnode) July 28, 2020
In addition to increasing profitability, Glassnode reported that Bitcoin has finally recovered from the March 12 cryptocurrency crash and reversed the trend of “realized price”.
Bitcoin’s GNI score, which is the sum of blockchain indicators and market factors, reached one of the highest levels in 2020, after exceeding the threshold of 10,000. dollars. For this reason Glassnode concluded that Bitcoin was “pushing deeper into the bull regime.”
– glassnode (@glassnode) July 27, 2020
The miners are not selling their coins yet
According last report, miners are still holding their coins despite the selling pressure caused by rising prices.
“But this sales pressure does not seem to be holding back the miners, who seem to be holding their coins rather than taking advantage of the price increase.”
The report said that the miners’ behavior suggests and “underpins confidence” in the foundations and growth potential of Bitcoin, contributing to the bullish outlook.
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