As known from:
known from Coinwireknown from Benchknown from Coinindex
  • About CryptoGmblr.com
Contains commercial content
Cryptogambling / Bitcoin hits new milestone with 84 percent of supply in profit

Bitcoin hits new milestone with 84 percent of supply in profit

Publish Date: 28/11/2023
80 w fit 4 0, tags: bitcoin supply - images.unsplash.com

80 w fit 4 0 – images.unsplash.com

Bitcoin has hit a new milestone, with almost 84 percent of its circulating supply currently in profit, a level it has not reached for two years.

The world’s first-ever crypto asset has maintained a price range between $37,000 and $38,000. The recent rise in its value brought over 16.366 million BTC, accounting for 83.6 percent of the circulating supply, into a profitable state. This level was last observed in November 2021 after the crypto market had pulled back from its all-time high, as reported by on-chain marketing intelligence firm Glassnode.

“With market trading reaching year-to-date highs, more than 83.6% of Bitcoin supply is currently in the black, the highest level since November 2021 (near all-time highs),” Glassnode said.

However, Glassnode noted that although a significant amount of Bitcoin is profitable, the unrealized profits stored in these coins are relatively small and have not motivated long-term holders to sell and secure their profits.

“The extent of unrealized profits held by investors has so far not been enough to incentivize long-term holders to sell, keeping total supply relatively tight,” it said.

Bitcoin’s surge signals bull market

The recent Bitcoin rally displayed a stronger accumulation trend compared to earlier rallies this year. This robust pattern contributed to a 39 percent price surge in the last 30 days.

BTC supply reaching 83 percent of the total circulating supply signals the market’s entry into the “early stages of a bull market” or the “euphoric phase,” Glassnode said in a report.

The report highlighted a growing difference in the amount of Bitcoin held by long-term and short-term holders. Long-term holders have reached a peak supply of 14.9 million BTC since November 2022, while short-term holder supply hit an all-time low of 2.3 million BTC.

“This dynamic suggests that existing holders are increasingly reluctant to part with their holdings, as they have historically waited for the market to break out to a new all-time high price. This can be explained by investors requiring higher unrealized profits (size) before increasing their selling pressure,” the report explained.

According to CoinMarketCap, BTC’s circulating supply is at 19.55 million BTC. Its value is currently rising at a 0.18 percent rate, reaching a market cap of $737,553,736,800.

70 percent of Bitcoin’s circulating supply remains inactive, analysts say

Bitfinex analysts have revealed that approximately 70 percent of the total circulating supply of Bitcoin has not moved in the past year.

“This is providing a source of upward pressure as increasing demand chases limited supply,” the analysts said.

Bitfinex analysts noticed different behavior between the current actions of long-term holders and those seen in previous cycles.

“In the current cycle, there have been fewer dips and oscillations in long-term holder supply due to spending, indicating a trend of continuously increasing supply. This suggests a degree of supply tightness in the bitcoin market regardless of long-term holder profitability on a pretty decent scale,” the analysts said.

They concluded that current conditions suggest the market is in the initial phases of a bull market.

“Bitcoin continues to show strength while still in a range for the time being,” they said.

Top Online Casinos
Top Casinos Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
Up to 57.500 Gold Coins + 27.5 Free Sweepstakes Coins
T&Cs apply
4.6/5
Sweeptastic
Sweeptastic Bonus
Up to 55,000 Lucky Coins and 34 Sweeps Coins with first purchase
T&Cs apply
4.5/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
Get 1.5 million WOW Coins + 34.5 SCs FREE
T&Cs apply
4.5/5
Latest News
Twitter warns: $440k lost in MicroStrategy phishing scam
MicroStrategy is the industry pioneer in business intelligence ...
Avail raises $27M in seed funding for Unified Web3 Infrastructure Solution
Avail, a prominent player in the modular blockchain ...
The power of the decentralized Web3 ecosystem: a deep dive into Polkadot
Polkadot is a modern blockchain network designed to ...
Top Crypto Exchange Sites
Crypto Exchange Guide
  • Crypto Exchanges
  • Betting Exchange
Top Brands
Top Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
Up to 57.500 Gold Coins + 27.5 Free Sweepstakes Coins
T&Cs apply
4.6/5
Sweeptastic
Sweeptastic Bonus
Up to 55,000 Lucky Coins and 34 Sweeps Coins with first purchase
T&Cs apply
4.5/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
Get 1.5 million WOW Coins + 34.5 SCs FREE
T&Cs apply
4.5/5

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPG
Close
Players accepted in the US US Flag
Stake.us Exclusive Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
Promo Code
Go to Stake.us
Visit Site
T&Cs apply, 18+
Payment Methods
Bitcoin
Litecoin
Ethereum
Dogecoin
Highlights
  • Exclusive promo code: CRYPTGAMBL
  • Play Stake Originals games for free
  • Get free Stake Cash daily just by logging in
Stake Originals
Dice
Crash
Plinko
Mines
×
Your Bonus Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site