Glassnode reports over 95% of Bitcoin supply profitable as price surpasses $117K
Analysts warn that elevated profit levels could prompt increased selling as Bitcoin enters a new phase of heightened volatility and market optimism.
Key Takeaways
- More than 95% of Bitcoin's circulating supply is currently in profit after the price surpassed $117,000, according to Glassnode.
- The market is experiencing an extended euphoria phase, characterized by widespread profitability among holders and increased volatility.
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Glassnode reported that over 95% of Bitcoin’s circulating supply is now profitable as the flagship cryptocurrency surpassed $117,000. The on-chain analytics firm highlighted this milestone amid Bitcoin’s extended euphoria phase characterized by widespread holder profitability and heightened market volatility.
Analysts have noted that Bitcoin’s high profitability levels often precede periods of increased sell-side pressure, aligning with historical patterns of distribution during peak bullish sentiment. The cryptocurrency’s recent price consolidation bands have become focal points for potential rebounds, with key resistance levels influencing short-term bullish resets.
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