Onchain Highlights
DEFINITION: The percentage of circulating supply in profit, i.e. the percentage of existing coins whose price at the time they last moved was lower than the current price.
Bitcoin’s percentage supply in profit reflects dynamic market conditions. The first chart illustrates historical data from 2013 to 2024, showing periods where over 90% of the supply was in profit, particularly during 2017 and late 2020 to early 2021. This period correlated with significant price rallies, highlighting the cyclical nature of Bitcoin’s market.
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