13% of Bitcoin supply in profit as BTC rallies above $18,200

  • Bitcoin price jumped more than 5% on Thursday to hit levels above $18,400.
  • According to on-chain data from Glassnode, the price rally has helped return 13% more BTC into profit; now 60.5% of circulating supply is in profit.
  • Only 47%-48% of BTC had been in profit between November 2022 and the start of January, 2023.

Bitcoin’s breakout to prices above $18,200 has seen 13% more of circulating supply return into profit, on-chain data from Glassnode says.

Per the platform, the sharp surge in percentage of supply in profit amid the latest crypto rally confirms a buy the dip scenario as prices fell in late 2022. Indeed, the metric suggests a large volume of the benchmark cryptocurrency was acquired at prices between $16,500 and $18,200.

 

Bitcoin supply in profit jumps amid BTC rally

Bitcoin price hit lows of $15,600 in November 2022 after a violent market reaction to the collapse of cryptocurrency exchange FTX. The price bounced to above $18,000 in mid-December before bulls hit resistance and BTC tumbled to below $17,000.

The supply in profit or supply in loss metric considers the on-chain history of a coin, determining the price at which it last moved. Coins are in profit if the price at which they last moved is lower than the current price of BTC, while the percent in loss is when the current price of BTC is higher than the value of the coins when they last moved on-chain.

According to Glassnode, more than half of Bitcoin circulating supply fell into loss between November and January this year. Approximately 47%-48% of BTC supply was in profit during the period.

However, with 2023 starting positively for cryptocurrencies and BTC’s push to highs of $18,420 on 12 January, the percentage of circulating supply on profit has increased to 60.5%.

As of writing, Bitcoin price is 5.2% up in the past 24 hours and data from CoinGecko shows the flagship cryptocurrency has rallied nearly 9% in the past week.

All Dutch and English crypto news!

UK’s digital pound would modernize payments but won’t replace cash: Minister

The Bank of England (BoE) and U.K. Treasury are gearing up plans to create a digital currency that could "provide a new way to pay"...

Yuga Labs settles lawsuit with developer involved in copycat BAYCs

The creator of the nonfungible token (NFT) collection Bored Ape Yacht Club has settled a lawsuit with one of the developers behind a copycat collection...

‘Haunts me to this day’ — Crypto project hacked for $4M in a hotel lobby

The co-founder of Web3 metaverse game engine "Webaverse" has revealed they were victims of a $4 million crypto h after meeting with scammers posing as...

Crypto firms could face 2 years jail for breaching UK advertising laws

Newly proposed advertising rules in the United Kingdom could potentially see executives of crypto firms face up to two years of prison for failing to...

Beste exchanges

Koop je crypto bij Bitvavo