99% Bitcoin Supply In Profit Again
On-chain data shows 99% of the circulating Bitcoin supply has unrealized profits again. History may have the hint for where the market could head next.
99% Of The Circulating Bitcoin Supply Has Unrealized Gains
As pointed out by a CryptoQuant post, the profit percent of the circulating BTC supply has reached 99% once again as the coin rallies past $59k.
The profit percent indicator used here shows the ratio of transactions with unrealized profits versus the total number of transactions.
“Unrealized profits” here refer to those gains that investors haven’t taken yet. The indicator looks at the chain for coins that if sold today will net some profit compared to when they were last transacted. 99% of the circulating Bitcoin supply now has some unrealized gains. Since 2017, there have been two other instances where similar values were observed.
The first time was in 2017. The indicator reached values as high as 99.9% back then, and kept up above 99% values for a while. It is during this period with such sustained high values that BTC price went on to have the historic parabolic bull run.
The only other time this has happened was from late 2020 till early 2021. Bitcoin showed a similar trend back then as well and went to make the current $65k all time high (ATH).