Research and on-chain analytics firm Glassnode says 93 percent of circulating bitcoin has become profitable after the cryptoasset’s price breakout above $11,000.
According to an update published July 28, BTC’s breakout above $11,000 lead to a sharp increase in the amount of circulating supply in profit. Glassnode found 93% of BTC in circulation to be profitable, reaching its highest level in over a year.
In addition to an increase in profitability, Glassnode reported that bitcoin had finally recovered from March 12’s crypto market meltdown and reversed the trend of the asset’s “realized price.”
BTC’s GNI score, an aggregate of on-chain metrics and market factors, reached one of its highest points in 2020 following the break above $10K, leading Glassnode to conclude that bitcoin is “pushing deeper into the bullish regime.”
According to the latest edition of Glassnode’s On-Chain report, bitcoin miners have been holding their coins through the price surge, despite the pressure to sell.
The report reads:
However, this sell pressure does not seem to have fazed miners, who appear to be holding onto their coins rather than capitalizing on the price increase.
The report concluded that miner behavior suggests and “underlying confidence” in bitcoin’s fundamentals and growth potential, contributing to the bullish outlook.
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