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.
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.
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.