The vast majority of the Bitcoin (BTC) supply is now in profit after its price bull run to $11,400, data shows.
Tracked by on-chain monitoring resource Glassnode, as of July 27, almost 95% of the Bitcoin supply is now worth more than when it last moved.
Bitcoin profitable days hit 97.7%
Monday’s figure almost matches the previous high set in June 2019, at the height of Bitcoin’s price surge which topped out at $13,800.
Bitcoin percent supply in profit 3-year chart. Source: Glassnode
This time, however, multiple factors differentiate the market from how it looked a year ago. Not least, macroeconomic sentiment has been turned upside down — the U.S. dollar has weakened, and investors have flooded into safe havens gold and silver.
Zooming out, Bitcoin has remained profitable 97.7% of its lifespan on daily timeframes, data from LookIntoBitcoin shows.
Bitcoin profitable days lifetime chart. Source: LookIntoBitcoin
BTC bulls “aren’t done yet”
Despite profitability and Bitcoin returns exploding in Q2, data from exchanges has yet to reveal mass selling at a certain price point. Inflows spiked on Monday, but pressure remains manageable.
Cointelegraph Markets analyst filbfilb has highlighted $10,400 as a strong area of buyer support.
“There’s big bidders around $10,400. I have trailing stops in place but going to have to babysit in case it looks like a wick,” he told traders.
Filbfilb added he had entered a long position as he is “not convinced the bulls are done yet” at $11,000.