Bitcoin Profitability Hits Over 97% For 2020 - EtherDesk Exclusive.

Bitcoin Profitability Hits Over 97% For 2020 - EtherDesk Exclusive.

2020-07-28 | Eddy Morgan

Bitcoin Profitability Hits Over 97% For 2020 - EtherDesk Exclusive.

The overwhelming majority of the Bitcoin [BTC] supply is now in profit after its price Bull Run to $11,400 USD data shows.

Tracked by on-chain monitoring resource Glassnode, as of 27th July, almost 95% of the Bitcoin supply is now worth over than when it last moved.

Bitcoin Profitability Hits Over 97% For 2020

Monday’s figure almost matches the previous high set in June last year, at the peak of Bitcoin’s price surge which topped out at $13,800 USD.

Bitcoin Profitability Hits Over 97% For 2020 - EtherDesk Exclusive.

This time, however, multiple factors differentiate the market from how it looked a year ago. Not least, macroeconomic sentiment has been turned the wrong way up - the USD 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 Profitability Hits Over 97% For 2020 - EtherDesk Exclusive.

Are BTC Bulls Over?

Despite profitability and Bitcoin [BTC] returns exploding in Q2, data from exchanges has yet to reveal mass selling at a particular price point. Inflows spiked on Monday, but pressure remains manageable.

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