Bitcoin Price Approaching All-Time High, Supply Reaching Profit


The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Supply In Profit

As we approach bitcoin price all-time highs, we will start to see the percentage of circulating supply in profit climb up to 100%. More importantly, we will see long-term holder supply climb to higher profit ranges. Since long-term holders are driving the market with 81% of circulating supply, their profit-taking behavior is key to identifying when the market may cool down as price starts to rip up to new highs. Long-term holders realizing huge profits into previous ATHs signaled the spot market cooling down as derivatives markets took over.

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